As a powerful oil market mover, the EIA needs to have “more sophisticated” forecasts about U.S. shale production, because overly optimistic expectations depress oil prices and disadvantages the U.S. market, shale billionaire and Continental Resources chief executive Harold Hamm said in an interview with Bloomberg published on Thursday. The EIA is “a very powerful market mover, and so it’s necessary they understand all of these things,” said Hamm who is scheduled to take part in an EIA webinar on crude oil production forecasts later on Thursday. “EIA is on that world stage with us, as the swing producer in the world, and so it’s going to require better, more sophisticated methods of forecasting — more so than ever before,” Hamm told Bloomberg. According to the billionaire oil executive, the EIA needs to hear “meaningful feedback” from the shale producers and oilfield service providers about their production challenges. “It’s pretty […]