Continental Resources CEO urges OPEC, shale oil output cuts

2 weeks ago NAMEX Comments Off on Continental Resources CEO urges OPEC, shale oil output cuts
Continental Resources CEO urges OPEC, shale oil output cuts

FILE PHOTO: Storage tanks stand on a Continental Resources oil production site near Williston, North Dakota January 23, 2015. REUTERS/Andrew Cullen

DENVER (Reuters) – OPEC should reduce its crude shipments and U.S. shale producers should follow suit to avoid adding more oil to a market that is already oversupplied, Continental Resources Chief Executive Harold Hamm told an energy conference on Tuesday.

Speaking at the EnerCom oil and gas conference in Denver, Hamm said he expects OPEC and its allies will further cut output. But he said shale producers “need to row our own boat…we need to make sure we don’t oversupply the market.”

Reporting by Liz Hampton; Editing by Cynthia Osterman