From the Oil Patch Hotline

Harold Hamm, CEO of Continental Resources, the largest Williston Basin producer, said OPEC and U.S. shale producers should cut crude oil production and shipments into an oversupplied market.

U.S. shale producers “need to row our own boat… We need to make sure we don’t oversupply the market,” Hamm told a Denver conference recently. “Capital discipline is more important now than at any time I’ve seen.”

Producers need to cut back on the number of active drilling rigs, noting that reductions so far “haven’t bottomed yet,” Hamm said. He believes that the current rig count of 909 will drop to 800.