OPEC Secretary General Mohammed Barkindo said that conversations with US shale producers provided OPEC with some insight, allowing them to “compare notes and outlook.”
“In the last two to three years, the initiative is dialogue with them, we came to realise that we needed to do this much much earlier, and we now better understand ourselves,” he said.
“We had open discussions for the first time with the shale producers int he US, and I look forward to the next session,” he added. He also noted the importance of shale producers globally, saying that the discussions led to a data and analysis “free-for-all”.
He made the comments while discussing OPEC cuts for 2020 during the International Petroleum Technology Conference in Dammam, KSA. The cuts were deepened in December 2019 as OPEC’s data suggested that Q1 and Q2 2020 would see some imbalance.
“We will be able to maintain balance in the first and second quarters, and the third and fourth quarters of the year look relatively okay.”
