O David Gavin and Jennifer Heller
(Reuters) – Oil industry representatives will meet this week in Houston to attend Cera Week, the largest collection of senior executives in the American energy sector, in most oil participants as the US is leading to producers best & world.
A year later, global crude oil prices to more than $ 87 barrels fell into the fall and then fell. The market has been a recent fraud, even with production constraints represented by OPEC-led cuts and large-scale penalties imposed by the US on Iran and Venezuela.
The US crude oil production has risen to more than 12 million pcs, which exceeds the output of Russia and Saudi Arabia, which has resulted in the list of past producers, but this is when oil shoe companies in the US drops under pressure drill by investors looking for a better return.
Even with relatively stable levels, US penalties against Iran and Venezuela could interfere with the current quiet. It is not clear whether the US will continue to give exemptions to some Iranian oil buyers and whether Venezuelan President Nicolas Maduro will face additional penalties.
US Secretary of State Mike Pompeo and Rick Perry Energy Secretary have arranged to attend the conference.
The sector's giants will come to the conference, including Exxon Mobil and Chevron of America, as these companies turn to rock production in West Texas and New Mexico, linking these oil fields with offshore refinery and chemical plants.
Rock production has led to an increase in US exports to more than three million piles of waste per day, increasing global supply.
"This is in line with the rebalancing of the global oil sector," said Daniel Yergin, deputy chairman of the IHS Markets, the energy conference organizer.
"This is the first ever week conference where the world's biggest producer is in the country where we are hosting the US Congress," he said.
Michael Wirth's Deputy Executive Presiding Officer will be going to address the conference, Exxon executive and Bob Dudley, chief executive of BP.
The Saudi Arabia's presence has fallen sharply this year. Saudi Aramco, the state-run Saudi Aramco, holds its annual board meeting this week, and Saudi officials have said they have participated in the London World's Petroleum Week.
But Serra's week is coming after a period where the kingdom is facing more pressure on the United States to keep low oil prices, threats of antitrust legislation are currently being considered by the Congress, and angry when killing journalist Jamal Khashoggi last year.
Saudi Arabia, the largest producer of the Institute of Petroleum Exporting Countries (OPEC), whose general secretary Mohammed Barkindo will attend the conference alongside representatives of the United Arab Emirates.
In recent years, OPEC representatives have held meetings with US oil companies operating officers in an effort to better understand the industry and with the state-owned rhetoric that turns off its aggressive approach characterized in the past.
In the past, however, operators in the rock sector have been ignoring publicity about such meetings, including lunch at one of Houston's best restaurants last year.
These operators are afraid that they will be seen in collaboration with OPEC. This year's conference also sees less representation of rock oil companies. OPEC officials said they intended to meet industry executives at this year's conference.
US pressing groups representing the sector and OPEC are opposed to the NOPC legislation passed by the House of Representatives committee and to present to Senedd, by It is considered a threat to production that could push higher prices.
"I do not think they can work with each other," he said. "But with some mechanisms of stabilization in the oil market, there will be much more instability, even if there is much more volatility to invest heavy."