The world’s largest oil producers are gathering in Houston, Texas for the biggest industry meeting since the two-year price war between exporters in the Middle East and companies that drove the shale energy revolution in the US.
Among the main agenda of the meeting will be the November deal by the Organization of the Petroleum Exporting Countries (OPEC) and rosier investment prospects for the industry. Industry sources also hinted that the meeting will discuss the move of state-run oil producers and the largest publicly owned oil and gas companies in the world (Big Oil) to position themselves for an upturn in the business.
The event will be attended by more OPEC ministers—about twice the number of attendance from last year’s event—as well as top energy officials from India and Russia. They include Saudi Arabian Energy Minister Khalid al-Falih, who will address the meeting, and Russian Oil Minister Alexander Novak, who helped bring non-members of the OPEC to participate in the event. CEOs from companies that were hit hard by the oil production curbs, such as Chevron Corp, BP, Exxon Mobil Corp, Total, and Royal Dutch Shell, will also be attending to see if the imposed restraint would extend past its expiration, which is June this year.
Of course, another very important matter that industry experts want to hear during the discussions will be the one on the tension between the OPEC and US oil producers. Specifically, it would be interesting to know how the big players in these groups would boost output in the coming months.
“It’s exciting now to see the rig count rising and business activity picking up again.”
Cypress Energy Partners LP CEO, Peter Boylan, said in a statement.