OPEC meet with US shale executives at US energy conference as oil prices skyrocket

Officials from the Organization of the Petroleum Exporting Countries on Monday met with executives of several top US shale oil companies at a top US energy conference as energy prices soared over supply concerns.

Oil hit a 14-year high of $139 a barrel earlier on Monday as worries grew over supply shortages as buyers shunned cargoes from No. 2 oil exporter Russia. Earlier, OPEC Secretary General Mohammad Barkindo said at the CERAWeek energy conference that OPEC could not offset a ban on Russian oil exports.

EQT Corp. Chief Executive Toby Rice and Hess Corp CEO John Hess attended the dinner held at The Grove restaurant adjacent to the CERAWeek conference site, according to a Reuters witness.