OPEC Invites Eight Non-Member Countries to October 21 Meeting to Discuss $70 Oil Price Floor

by Ship & Bunker News Team
Wednesday October 14, 2015

Venezuela's oil minister, Eulogio del Pino, says that the Organization of the Petroleum Exporting Countries (OPEC) has invited eight non-member countries to attend its meeting in Vienna on October 21, Reuters reports.

The non-OPEC countries invited are Azerbaijan, Brazil, Colombia, Kazakhstan, Norway, Mexico, Oman, and Russia.

"The confirmations are coming in gradually and I'm personally calling ministers to ensure that the delegation is of the adequate level of authority," said del Pino.

At the meeting Venezuela is expected to unveil a new strategy to control prices through progressive production cuts, establishing a "first floor" price of $70, followed by a floor of $100 per barrel at a later date.

"There is no decision. It will be discussed, and (based on) the outcome, we will decide whether to agree or disagree," said Ali al-Omair, Kuwait's oil minister.

In September, Russian Deputy Prime Minister Arkady Dvorkovich said the country's Energy Minister Alexander Novak is ready to talk with OPEC about methods for oil price stabilisation after Russia demonstrated some resistance earlier in the year.

Earlier this month, Mexico also said it was ready to participate in market discussions, but warns that it will refuse to cut crude production.

In September, when Ship & Bunker first reported news of the proposed Summit, Del Pino warned that it was other oil producing nations, rather than his own, who were most at risk if talks fail to progress and be fruitful.

Ship & Bunker News Team
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