Pioneer Natural Resources CEO Scott Sheffield told Reuters last week in Houston he expects oil prices to range from $80 to $100 a barrel this year and in 2024 as demand outpaces supply along with production cuts from Saudi Arabia and underinvestment by U.S. producers. The outlook is lower than the $90 to $100 forecast by Sheffield earlier this year. Global oil inventories will fall through yearend, Sheffield said Aug. 2. Weak oil prices in recent months hurt drilling and completion of new wells as U.S. shale producers decreased spending.