Facing the loss of output from two member states, OPEC and its partners meet this weekend in Azerbaijan to assess the progress of their agreement to hold back oil from the market.

OPEC Secretary General Mohammad Barkindo was attending the annual IHS Markit CERAWeek conference in Houston this week and said the meeting in Baku will set the stage for what happens at the next meeting in April.

Barkindo also said he also used his trip to Houston to meet with U.S. shale producers, as he has done before. The secretary general said he is eager to learn more about how the U.S industry is able to find capital to expand drilling.

"This is not replicated in other places," Barkindo said.

That access to financing has helped the U.S. industry raise production to about 12.1 million barrels a day, more than 1.4 million barrels a day above last year's level. The increased U.S. output is an important factor helping the world meet its energy needs while Iran and Venezuela are under U.S. sanctions.

The OPEC producers and Russia are widely expected to extend their production cut of 1.2 million barrels a day for at least several months.