OPEC Secretary-General Haitham al-Ghais met with US shale chief executives on Monday night. Their discussions centred on concerns about global oil supplies.
Western sanctions on Russia have disrupted global crude trade. The International Energy Agency expects oil demand to outstrip supply in the second half of the year as the reopening of China spurs more oil consumption. OPEC has pledged to keep its output steady after agreeing to cut production by 2 million barrels per day last year amid uncertainty over Russia's ability to maintain oil exports. Meanwhile, US shale oil companies are limiting their expansion in the face of rising costs and shareholder pressure.