Venezuela President Nicolas Maduro on Monday urged OPEC to convene a heads of state meeting, adding he would soon present proposals to shore up low oil prices that have slammed the recession-hit nation. Maduro has pushed for months for an emergency meeting and coordination with non-OPEC nations, but OPEC's Middle East producers have pledged to maintain high output in a fight to defend market share against rising competition. The global oil benchmark, Brent crude, has plunged from a June 2014 high above $115 a barrel to under $47 due to a global oil glut and worries about China's economy. During an event to mark OPEC's 55th anniversary, Maduro reiterated calls for action within OPEC and beyond OPEC, mentioning mechanisms including controls on output and price bands. More… 
Tuesday, September 15, 2015
Venezuela's president urges OPEC to call heads of state summit
Venezuela President Nicolas Maduro on Monday urged OPEC to convene a heads of state meeting, adding he would soon present proposals to shore up low oil prices that have slammed the recession-hit nation. Maduro has pushed for months for an emergency meeting and coordination with non-OPEC nations, but OPEC's Middle East producers have pledged to maintain high output in a fight to defend market share against rising competition. The global oil benchmark, Brent crude, has plunged from a June 2014 high above $115 a barrel to under $47 due to a global oil glut and worries about China's economy. During an event to mark OPEC's 55th anniversary, Maduro reiterated calls for action within OPEC and beyond OPEC, mentioning mechanisms including controls on output and price bands. More… 
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