While the OPEC members have signed the agreement to cut oil supplies until the world glut will disappear, American producers of oil are definitely playing with their patience.
During the latest meeting in Texas, American oil companies have shared their nearest plans which include an increase of production. They believe that in the next ten years export of oil from the USA will be higher than ever.
Well, these plans are terrifying OPEC members, who tightened up by the official agreement with each other not to sell as much oil as they would like.
Before the meeting in Texas, American producers of oil had the chance to speak with OPEC colleagues at the Lazard investment bank conference. And it went pretty well.
According to Scott Sheffield, the head of Pioneer Natural Resource, OPEC was trying to find out the details of American plans for shale, and American companies were trying to predict the possible prices for oil. He says that both parties were educating each other in different questions.
The new meeting of the OPEC will take place in Australia on the 25th of May. Participants will have to decide whether they will stop or deepen the cuts of supplies.
Mohammed Barkindo, the General Secretary of OPEC has told to the journalists that there is one way to save the oil prices from the disaster. Non-OPEC countries must join the common plan and cut their supplies as well until the situation will get better and all countries will be able to play fair.