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Venezuela calls for emergency OPEC summit

OPEC headquarters in Vienna
OPEC headquarters in Vienna

Venezuela is pushing for an emergency OPEC meeting as well as joint coordination with Russia in a bid to stem the decline in oil price.

President Nicolas Maduro said the cash-strapped country had called for a meeting to take place and said it had been in contact with all OPEC governments.

He said:”We’re working towards a special OPEC meeting, in coming days we’ll announce …. We’re making contacts with OPEC governments.

“We’re evaluating the possibility that a very high ranking OPEC meeting be called, and that in coordination with the Russian Federation, President Vladimir Putin, we can advance in taking a series of actions to defend the oil market in the face of this latest fall.”

Members including Venezuela and Algeria have been concerned by the drop in prices and want the group to reduce supply while Gulf members have rebuffed calls for an emergency OPEC meeting and show no sign of willingness to consider output cuts.

OPEC oil exporters have no plans for an emergency meeting to discuss the drop in oil prices before a next scheduled gathering in December, two delegates from the Organization of the Petroleum Exporting Countries said on Monday.

Venezuela has been a historic price hawk, and a severe recession and product shortages have heightened Maduro’s need for a market recovery, especially ahead of a Dec. 6 parliamentary election.

The socialist leader said during his weekly “In Contact with Maduro” television show that conditions were “hard and complex” but that Venezuela would “continue to receive resources,” citing ties with key ally China and other Latin American countries.

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