One topic that could be on the table is how best to manage rising USA production to prevent a return of the oil glut that caused prices to fall rapidly in 2015 and 2016.
"Shale oil, I don't know how we are going to live together", former Opec Secretary-General Abdalla Salem El-Badri told USA oilmen in 2016. "It does appear as if we need more evidence that the rebalance continues to really ignite a rally again". But despite dinner invitations and behind-closed-doors conversations, shale continues to increase output and grab market share.
The IEA forecasts demand of 104.7 million barrels per day in 2023. Unlike OPEC countries, shale firms do not have political goals, and their main objective is profit.
In the same context, Moscow has made an announcement via the Deputy Energy Secretary Alexey Texler that it does not wish to become a member of the OPEC but seeks a special relationship of co-operation with the fourteen producer countries that make up the organisation.
In a sense, Opec created its own nemesis. Discoveries of new oil resources fell to a record low in 2017, with less than four billion barrels of crude, condensate and natural gas liquids (NGLs) confirmed, the IEA said. As oil prices recovered, so did drilling.
IEA Executive Director Fatih Birol made the remarks to reporters at the CERAWeek by IHS Markit that kicked off on Monday in Houston in the US state of Texas. It was a first-of-its-kind event and both sides exchanged pleasantries.
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According to UAE Energy Minister Suhail Mazrouei, OPEC is meeting USA shale oil producers to discuss and compare forecasts for the oil market, but their participation in production's cuts is out of the question. It was adopted last winter by OPEC, Russia, and nine other global producers.
"The real question is whether the US steel industry has the capacity to supply every pipeline project in the United States", said Libby Toudouze, portfolio manager at Cushing Asset Management, according to CNBC.
"You'll have to regrow your industries, that's all I'm asking", he said. "It was OPEC", the UAE's oil minister Suhail Al Mazrouei, said at a recent industry conference, according to Bloomberg. "Without Opec there'd be chaos in the market". If anyone can pressure companies to cut back output, it would be shareholders, many of whom are frustrated with a strategy focused on growth.
The shale boom is just booming. (The slump in oil prices since 2014 killed much of that investment.) That won't happen if it costs too much to invest in new infrastructure.
The American surge and a slightly weaker outlook for global demand growth make uncomfortable reading for Opec.
The energy group says the USA will supply enough oil to meet 80 percent of the world's growing demand over the next five years.
Crude oil products will be very tight this spring. He said he expects shale output to keep rising, regardless of Opec policies, and said Opec and other established oil producers need to reconsider their future growth plans in light of "huge growth" from U.S. shale.
It is unclear what role the USA oil executives would play at the OPEC summit, and it's also unclear the level of enthusiasm they have for the proposition; the only thing that seems certain is that Barkindo's offer amounts to one more sign of American production supremacy on the world stage.