OPEC, non-OPEC oil producers agree 'price is not good'

November 26, 2014 | 09:41

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OPEC members Saudi Arabia and Venezuela met with officials from fellow oil producers Russia and Mexico in Vienna against a backdrop of sliding crude prices.

Iraq's largest oil refinery in the northern town of Baiji. (AFP/Stan Honda)

VIENNA: Venezuelan Foreign Minister Rafael Ramirez said on Tuesday (Nov 25) that OPEC members and non-member producers agreed that the price of crude oil "is not good".

"We agreed that the price is not good. Everybody is worried," he told reporters after OPEC members Saudi Arabia and Venezuela met with officials from fellow oil producers Russia and Mexico in Vienna against a backdrop of sliding crude prices.

"We discussed the situation on the market, we shared our points of view and we agreed to keep in contact, and we will meet again in three months," he added.

The meeting came two days before the Organisation of Petroleum Exporting Countries was to hold its most significant meeting in recent years to decide on whether to cut the cartel's oil production to help stabilise tumbling prices. OPEC pumps out about one-third of the world's oil while Russia is itself a major producer.

AFP

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