Oil hits 14-year high; OPEC meet with shale executives at US energy conference

Officials from the Organization of the Petroleum Exporting Countries on Monday met with executives of several top U.S. shale oil companies at a top U.S. 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. It was at least the fourth time that U.S. shale oil producers and OPEC officials broke bread to discuss energy concerns.

A spokesperson for Barkindo did not reply to a request for comment. A Hess spokesperson who accompanied its CEO declined to comment.