Venezuela Asks OPEC for Emergency Meeting on Oil Prices [View all]

[FBaggins]

Hard-hit Venezuela has been contacting other OPEC members to push for an emergency meeting in coordination with Russia to come up with a strategy to stop the current oil price rout, people familiar with the matter said.

According to these people, Venezuela has been in touch with some members of the Organization of the Petroleum Exporting Countries, including Qatar’s oil minister and president of the OPEC conference, Mohammed al-Sada, to try again to find common ground to defend crude prices.

“Venezuela is genuinely concerned that if no action is taken prices are going to drop further,” an OPEC delegate said. “They also understand that OPEC alone cannot help much and there is a need for cooperation with producers outside OPEC, mainly Russia,” the delegate said.

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OPEC doesn't meet until December 4 and has rebuffed previous calls for an emergency meeting. OPEC officials from the cartel’s power center—Persian Gulf countries such as Saudi Arabia, Kuwait and the United Arab Emirates—say privately that having an emergency meeting is pointless especially when producers outside the group like Russia aren't willing to cut.

http://www.wsj.com/articles/venezuela-asks-opec-for-emergency-meeting-on-oil-prices-1440699480