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OPEC To Seek “Energy Dialogue” With U.S. As Shale Output Rises

OPEC

OPEC Secretary-General Mohammad Barkindo dismissed speculation that the United States’ increase in shale oil production was counteracting the effects of the bloc’s less-than-two-month-old output reduction strategy, according to comments made at the International Petroleum Week in London.

The Nigerian leader of the powerful oil cartel said he looked forward to an “energy dialogue” with the U.S. – a country that, just one month ago, swore in a new president that has vowed to prioritize oil exploration and extraction projects as well as support infrastructure, such as pipelines.

We are not looking at the U.S. as a risk, we are looking at the U.S. as a partner — a strategic partner in the rebalancing process,” the head of the Organization of the Petroleum Exporting Countries said Tuesday at the conference in the United Kingdom.

At the end of November, OPEC countries met in Vienna to discuss the terms of a production reduction deal to reverse the effects of the global oil supply glut that has been plaguing markets since 2016. After reaching an agreement internally, the bloc reached out to other exporters of note to join in the effort – raising the number of countries committed to rebalancing supply markets from 13 to 24. The United States was not part of this deal, because since the Arab Oil Embargo of the 1970s, it consumes most of the light oil that it produces instead of selling it to other nations.

Related: Unsatisfied With Oil Prices, Iraq Calls For New OPEC Meeting

Data shows a 90 percent compliance rate in January for the two dozen countries that have pledged to the agreement.

Still, Russian oil exports increased last month and the nation plans to boost foreign sales of the medium sour grade Urals crude over the next few weeks as well. Exports via the Russian Transneft pipeline system in January were up 114,000 barrels per day from December’s levels.

By Zainab Calcuttawala for Oilprice.com

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  • Kr55 on February 22 2017 said:
    Wow, these guys are pretty clueless. I guess a lifetime of just making your money off other people developing your resources doesn't require much intelligence.

    Right before the OPEC cuts are going to start affecting the US inventories they are getting worried. It's like they don't know it takes 45-60 days for their shipments to hit the US coast.
  • Scott Leach on February 22 2017 said:
    A dialogue with Trump? LOL! That won't happen. Time for the US to flex it's energy muscle!

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