Venezuela Pushes for OPEC Meeting with Russia to Stop Oil Price Drop

Moscow (PNA/Sputnik) — Venezuela, which relies heavily on oil exports, has been in touch with the members of the Organization of the Petroleum Exporting Countries (OPEC), pushing for a meeting in coordination with Russia to stop the current trend of crude prices slump, a source told The Wall Street Journal Thursday.

Global oil prices have dropped significantly so far in the second half of 2015 compared to summer 2014, falling from USD 100 to USD 43 per barrel for Brent crude — primarily a result of oversupply in the global market. In late July, OPEC said it would not decrease oil production, keeping its production level at 30 million barrels per day.

The next meeting of the organization is slated to take place in December but Algeria, Venezuela, Iran and a number of other countries have insisted on an earlier, emergency session.

Russia’s oil-reliant economy also experienced a slowdown in 2014 amid the dropping oil prices. (PNA/Sputnik) JBP/CDN