Russia, Venezuela Discuss Cooperation With OPEC Countries

In early September, Venezuelan President Nicolas Maduro offered to meet with the heads of OPEC states and other oil producers outside the organization. He also noted that the importance of the stabilization of the situation on oil market was stipulated by the growing energy demand across the globe. The upcoming meeting of OPEC oil ministers is scheduled for December 4. Due to oversupply in the global market, oil prices have more than halved since summer 2014, when the price of Brent crude stood at about $115 per barrel. Crude prices are now hovering at about $50 per barrel. The oil-dependent economies, such as Venezuela and Russia have been among the countries heavily hit by the plummeting prices. More…