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Venezuela Seeks Oil Meeting
Energy

Venezuela Seeks Oil Meeting

Venezuela is pressing for a meeting in January between OPEC and non-OPEC members, as the South American country pushes for action to stem the slide in oil prices, its oil minister said on local television on Thursday. "With President (Nicolas Maduro) we've been discussing the need to urge leaders of OPEC and non-OPEC countries to hold an urgent meeting in January," Venezuelan Oil Minister Eulogio del Pino said in an interview with television station Telesur, Reuters reported. "Joint action by all oil-producing countries is necessary ... in defense of a right price for a non-renewable natural resource," stressed del Pino, adding that the current oversupply could drag down oil prices further by some $10. Oil prices began falling in mid-2014 as surging output from the Organization of Petroleum Exporting Countries, Russia and US shale producers outpaced demand.  OPEC failed to agree on any production targets at its Dec. 4 meeting in Vienna, cementing its decision to protect market share, as the organization braces for the return of Iranian exports to the market after the lifting of western sanctions.

 

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