U.S. energy executives and top OPEC officials on Monday discussed concerns about a lack of spare oil production capacity at a private dinner on the sidelines of a Houston conference, an executive who attended said. | Reuters
OPEC and U.S. shale producers have enjoyed strong global demand for their oil and gas and are coming off a year of record profits for the fossil fuel industry.
OPEC had viewed shale as an untamed force that undercut its revenue by bringing vast new oil supplies to market. Relations improved after shale companies bowed to investors’ demands for higher capital returns and cut spending on capacity growth. Top executives from U.S. companies whom Reuters reporters saw attend the dinner on Monday included Chesapeake Energy Corp CEO Nick Dell’Osso, Pioneer Natural Resources CEO Scott Sheffield, Hess Corporation CEO John Hess, Occidental Petroleum CEO Vicky Hollub, Talos Energy CEO Tim Duncan and Devon’s Muncrief.
U.S. oil output is set to rise less than 600,000 barrels per day in 2023, a much slower rate than the around 2 million bpd in 2018.OPEC, in the meantime, has committed to cut members’ production by 2 million bpd, setting a floor on prices.
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