Venezuela, openly frustrated by Saudi
Arabia’s refusal to support a cut in crude production, is reaching out beyond
OPEC to discuss ways to stop the recent decline in oil prices. OPEC will be
meeting at its Vienna headquarters on Nov. 27 to decide on its production
goals, but on Nov. 17, Venezuelan President Nicolas Maduro said he and Russia
were working to set up a meeting “very soon” with oil countries outside OPEC as
well as within the cartel to discuss ways to prop up the price of crude, which
is now at a four-year low. As Maduro was speaking, his foreign minister, Rafael
Ramirez, was in Moscow to speak with Russian Energy Minister Alexander Novak to
discuss setting up a meeting of OPEC and non-OPEC oil producers. Novak said,
“We discussed this theme and now we are working out those proposals on our
side.” More…
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