Extension of OPEC output cut and rising US shale production to dominate the five-day conference
IHS CERAWeek 2018, one of the world’s most renowned energy conferences, is set to begin in Houston, Texas on Monday, March 5.
International Energy Agency (IEA) Executive Director Dr. Fatih Birol and OPEC Secretary General Mohammad Barkindo are among the keynote speakers.
They will be joined by ministers from OPEC and officials from the U.S. in the conference that will end on March 9.
Participants and investors will look for clues on whether OPEC and Russia will extend their production cut agreement beyond the end of this year.
Rising shale oil production of the U.S. will also be another major topic in this year’s conference.
The U.S.’ crude oil output surpassed Saudi Arabia at the beginning of February to become the second-biggest crude oil producer in the world.
Although the global oil market seems to have found rebalance and oil prices are hovering around $65-$70 per barrel, rising U.S. output could signal another major downfall for crude prices in the near future.
The U.S. Secretary of Energy Rick Perry, the U.S. Secretary of the Interior Ryan Zinke, and Chairman of the U.S. Senate Energy and Natural Resources Committee Lisa Murkowski (R-Alaska) are expected to shed light on the American energy policies during the conference.
Senior executives from American energy giants ExxonMobil, Chevron and ConocoPhillips will also take the podium.
Pulitzer Prize winner and IHS Markit Vice Chairman Daniel Yergin will moderate the plenary discussions. AA