OPEC should boost daily output by roughly 1 million barrels over time to keep global crude supply and demand in the balance as production dips elsewhere, a leading U.S. shale executive said on Wednesday. U.S. shale producers and the Organization of the Petroleum Exporting Countries have started talking after years of acrimony, conscious that a balanced market is in their mutual interest. With oil production dipping in Iran, Libya and Venezuela, and growth in the Permian shale Basin of West Texas and New Mexico crimped by pipeline capacity restraints, the 14-member group should step in, Scott Sheffield, executive chairman of Pioneer Natural Resource Co told Reuters. “OPEC needs to fulfil its duty,” Sheffield said on the sidelines of the OPEC International Seminar, where he was a panelist. […]