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OPEC Keeps Focus on Shale Threat as Officials Meet in Vienna

  • Delegates meet to discuss state of international oil market
  • IHS, Mark Papa give presentations on U.S. oil industry
Bloomberg business news

Saudis Confident in Extension of Oil Cuts for 9 Months

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OPEC officials gathering in Vienna on Friday to prepare for next week’s ministerial meeting kept their focus on rising U.S. shale oil production, which has been diluting the price impact of their production cuts.

National representatives from the Organization of Petroleum Exporting Countries and officials from several non-members heard a presentation on the outlook for the U.S. industry from Roger Diwan, a Washington-based analyst at IHS Markit Ltd., according to delegates familiar with the matter. Mark Papa, a partner at private equity firm Riverstone Holdings LLC and former boss of shale pioneer EOG Resources Inc., also spoke to the group, delegates said.