• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 3 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 12 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days Energy Armageddon
  • 6 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 3 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 6 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 6 days The Federal Reserve and Money...Aspects which are not widely known
  • 6 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 11 hours Wind droughts
  • 7 days Goldman Betting on Cryptocurrencies
  • 10 days Сryptocurrency predictions
Oil Shoots Up On Huge Crude Inventory Draw

Oil Shoots Up On Huge Crude Inventory Draw

Crude prices jumped today after…

Tax Hikes Threaten To Cripple Colombia’s Oil Industry

Tax Hikes Threaten To Cripple Colombia’s Oil Industry

Recently passed tax hikes threaten…

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

U.S. Shale, OPEC To Discuss Market Balance In Vienna

As everyone watches OPEC and Russia ahead of their meeting in Vienna next week, it’s easy to miss the fact that this is not the only meeting that will set the course of the global oil market in the coming months. OPEC officials will also meet with chief executives from the U.S. shale industry in Vienna, with Continental’s Harold Hamm, Hess Corp’s John Hess, and Pioneer’s Scott Sheffield among those to address OPEC, Reuters reports.

Although none of the executives were willing to comment on the meeting ahead of it, the topic of discussion will be cooperation, after the last price crisis revealed that the only way to achieve a balance between crude oil demand and supply is to work together rather than against each other.

The fact that has brought shale producers and OPEC closer together is that production is no longer priority number-one. “We’re getting to a point where a continued rise in the oil price is going to cause major problems for the global economy,” Reuters quoted the Council on Foreign Relations’ energy security and climate change program director Amy Meyers Jaffe as saying. “There are bigger issues at hand besides output that OPEC and shale producers care about.” Related: Saudi Arabia: Deal To Gradually Ease Cuts Is ‘Inevitable’

One of these bigger issues is the increase price elasticity of oil. A couple of decades ago, fossil fuels had no real alternatives. Now there are solar power plants and electric cars. As we saw from the last oil price rally, consumers are no longer willing to pay more to get increasing amounts of oil. They often seek alternatives and can find them relatively easily.

According to analysts, the top priority for shale producers now is not ever-higher oil prices—it’s stable prices. Although they cannot legally coordinate production to achieve these stable prices, the can discuss the situation and the future prospects of the global industry with OPEC. What will come out of these discussions remains to be seen.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • John Brown on June 15 2018 said:
    US shale oil executives at an OPEC Price & Market Fixing Conference. Why does that sound completely illegal to me?
  • Dempsey on June 15 2018 said:
    Um..... Have they ever heard of the Sherman Antitrust Act?

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