The Gulf countries were strongly against the idea of holding a summit of OPEC and oil-producing countries that do not belong to the organization. Now, because of this idea of Venezuela is questionable.
Earlier, Venezuela offered to host the meeting, which would be invited to countries outside the cartel, such as Russia. It was supposed to discuss measures to stabilize oil prices. At the moment, Saudi Arabia, United Arab Emirates, Qatar and Kuwait have called into question the ability to reach a consensus at the summit regarding the reduction of oil supply in the market, that in the future would have a support prices on futures.
The current The situation in the oil market deplorable, quotes, oil fell to record lows - to 44 US dollars per barrel, while even in 2014 they were at the level of 114 dollars per barrel. This situation points to the differences within OPEC. Some members of the cartel was in favor of a strategy of reducing production to maintain prices at a high level, is Venezuela and Nigeria. But Saudi Arabia, the United Arab Emirates and Kuwait did not see any point to lower oil production and are of the opinion that the
market itself should determine the pricing policy. Iran, in turn, is ready to support any measure that will be used to stabilize the market. It should be noted that the low price of oil has a negative impact on the economy of Venezuela, the country has no reserves that could support in difficult times. Already, according to the report of the International Monetary Fund, the country will face a tough recession, due to the fact that its real GDP will fall by 10 percent. Therefore, Venezuela needed the oil price at a level no lower than 89 dollars per barrel. At the time of this writing, Venezuelan officials have not commented on the situation.
According to the materials Wletrade