• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 6 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 1 day Once seen as fleeting, a new solar tech proves its lasting power
  • 5 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

Oil Should Stay In Triple Digits: Analyst

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

OPEC Discusses Oil Market With U.S. Shale Executives

  • OPEC officials discuss oil markets with U.S. shale executives at CERAWeek.
  • Underinvestment in new production and sanctions on Russian oil dominate the conversation at CERAWeek.

OPEC officials and U.S. shale industry executives met at the CERAWeek conference this week to discuss the situation on global oil markets, and the results of the meeting do not seem particularly encouraging.

According to a Reuters report, several senior executives from U.S. shale had dinner with OPEC's outgoing secretary general, Mohammed Barkindo, including the chief executives of Hess Corp., EQT Corp, and Chesapeake Energy.

The report quoted Barkindo as saying one of the topics of discussion had been U.S. shale majors' decision to continue returning cash to shareholders rather than expanding production in response to higher oil prices.

"This massive under-investment requires us to revisit that," the OPEC head said, as quoted by Reuters. "This is up to the companies themselves and their boards ... but there's this general realization that something needs to be done" about oil prices.

The dinner took place on Monday when Brent briefly touched $139 on talks between the U.S. and Europe about sanctioning Russia's oil exports. These, including both crude and fuels, amount to an average of 7 million bpd and, according to OPEC's Barkindo, "There is no capacity in the world that could replace 7 million barrels per day."

In this context, which has prompted analysts to warn about even higher oil prices coming, it is no wonder that Germany's Chancellor Olaf Sholz took a stance at odds with that of the U.S. and the UK, saying on Monday that it would not impose sanctions on Russian oil and gas as they were essential for Germany's energy supply.

The U.S., meanwhile, might decide to go it alone with the sanctions, according to a Reuters report from earlier today. "We import such a smaller percentage of oil from Russia than the Europeans do ... it is very different circumstance," White House press secretary Jen Psaki told media.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News