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Continental Resources CEO urges lower oil production from U.S., OPEC

|About: Continental Resources, Inc. (CLR)|By:, SA News Editor

OPEC and U.S. shale producers should cut crude oil production and spending into an oversupplied market, Continental Resources (NYSE:CLR) CEO Harold Hamm said today at the EnerCom energy conference in Denver.

U.S. shale producers "need to row our own boat... We need to make sure we don’t oversupply the market," Hamm said, adding that "capital discipline is more important now than at any time I've seen."

U.S. producers have cut the number of active drilling rigs but reductions "haven't bottomed yet," Hamm said, noting that "we're heading for 800" onshore rigs; the U.S. oil and gas land rig count was 909 as of last week.

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