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Drop in oil prices pushes a cash-strapped Venezuela for OPEC meeting

Posted on August 13, 2015 by Grace Montealegre

It is no secret that food shortages in Venezuela, along with an economy in severe recession, are a probable cause for political and social upset in the country. Add the fall in oil prices and the equation becomes a call to reduce oil supply in order to boost prices. That is why President Maduro announced yesterday, during his televised "In Contact with Maduro" show, an emergency OPEC meeting to stem a tumble in oil prices.

"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," added President Maduro.

But in spite of concerns from many countries by the drop of prices, OPEC oil exporters, particularly Gulf members, 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.

Maduro also said conditions for Venezuela were “hard and complex” but that the country will continue to receive resources from ally countries in Latin America and from Eastern allies such as China.

La Nota Economica - Media Partner