Austria – Vienna Oil Summit Discusses Stabilization of Oil Market

OPEC and non-OPEC oil producing countries that just met in Vienna will continue discussions on how to stabilize the world oil market. Thus far, they have failed to adopt specific measures designed to cut production and raise prices. On Tuesday, President Nicolas Maduro said that Venezuela, along with countries such as Iran, Russia, Bolivia would seek an agreement to push the price of oil back to US$88 per barrel, up from the current US$45. After the meeting Venezuela’s Minister of Oil and Mining voiced his opposition to both extremely low prices and extremely high prices, which would result in overproduction. teleSUR