Citi’s Morse Sees Oil Market in Surplus at End of 2022 Major shale-oil drillers are dreading the prospect of $100-a-barrel crude on fears it will tempt less-disciplined rivals to expand output and create a new supply glut. With an expectation that global crude demand may outpace production as soon as this year, Pioneer Natural Resources Co. Chief Executive Officer Scott Sheffield is bracing for oil to range from $75 to $100. U.S. crude has been above $75 for the past week and a half and briefly rose to almost $85 in late October. “I hope it stays there,” Sheffield said during a Goldman Sachs Group Inc. energy-conference webcast on Wednesday. Prices approaching $110 or $120 “is not going to help our industry.” Oil executives expressing anxiety over triple-digit oil prices may seem counterintuitive but it’s emblematic of a new mantra that favors stable cash flows and greater shareholder returns. […]