Latest News in the Business and Financial World

Tuesday, April 20, 2021
Log in
  • Home
  • Company News & Financials
  • OTC Markets
  • Tech & Science
  • Health & LifeStyle
  • About WS OTC
    • Analysts & Contributors
    • Contact Us
    • Advertising
    • Feedback
    • Privacy Policy GDPR
  • Mobile
  • Latest News
    • New Theories Explain the Disappearance of the Mayan Civilization
    • What Happens If Coral Reefs Die?
    • Monsanto Loses Lawsuit for its Herbicide Products
    • Mankind (MNKD) shares Plunge after FDA Approves Afrezza, inhaled Insulin for Diabetes patients
    • Psychologists Confirm that Violent Video Games Boost Aggressiveness
    • World of Warcraft: Warlords of Draenor Release Date on Nov 13
    • iPass Global Hotspot Map Unveils Worldwide Wi-fi Coverage

Pages

  • About Wall Street OTC
  • Advertising
  • Analysts & Contributors
  • Contact
  • Feedback
  • Mobile
  • Privacy Policy GDPR
  • Terms of Service

Recent Posts

  • SF Hospital Slaps New Parents with $19K Bill for Baby Treatment
  • Furious Trump Blasts Harley-Davidson for Moving Production Overseas
  • Warning! MRI Machines Could Poison You
  • Flight Attendants More Likely to Get Certain Cancers
  • More Red Meat Allergy Cases Related to Lone Star Tick Bites

Gulf Oil Exporters Oppose Venezuela’s Proposal for Emergency Producer Summit

Sep 11, 2015 By Nathan Fortin Leave a Comment

Email, RSS Follow
Gulf Oil Exporters Oppose Venezuela’s Proposal for Emergency Producer Summit

Saudi Arabia’s national oil company

As global oil market struggles with oversupply and tumbling prices, Venezuela called for an emergency OPEC meeting to stabilize prices. But, the proposal was met with strong opposition coming from Saudi Arabia and Qatar.

The emergency meeting is supposed to gather OPEC and non-OPEC oil producers including Russia to discuss and take measures to prevent prices from going further down.

Venezuela, which is an OPEC founding member, needs oil prices to go up again in order to have enough money to buy imports of food and medicine the country is so bitterly dependent upon. Even before the oil price crisis, Venezuela struggled with a rampant inflation and chronic shortages of basic items.

The proposal of an OPEC meeting was made this week by the Venezuelan president during a meeting in Doha with top officials from Saudi Arabia, the United Arab Emirates, and Qatar.

But the rich Gulf oil exporters did not agree with the proposal over concerns that failed negotiations may do more harm than good.

Oil prices are now more than 50 percent lower than they were in 2014 dues to an excess supply of crude oil and OPEC’s policy of keeping prices down to prevent rival oil exporters from grabbing an even larger market share. Additionally, top OPEC exporters declined to trim their oil production despite of plunging prices.

People familiar with the matter told reporters that top exporter Saudi Arabia believes that it is best to leave the market alone for the moment. Another source said that failed negotiations would sink prices even lower.

“If we are meeting for the sake of meeting, it would backfire,”

a person familiar with the matter said.

On Thursday, Quatar announced that OPEC and non-OPEC oil producers were analyzing Venezuela’s proposal. Nevertheless, Doha admitted that they were still in the “study phase.”

But Venezuela is not at its first attempt for an emergency meeting with other, non-OPEC oil exporters. The country has been pushing other OPEC members for months into that direction. Venezuela’s President Nicolas Maduro said late Thursday that he believes his country’s efforts are “sabotaged” by the U.S.A. globally.

Maduro added that the presidential summit is the best solution to prevent prices from further tumbling. He also said that prices could be stabilized through measures OPEC and non-OPEC countries can agree upon without losing their sovereignty.

As of now, in the South American country the price of an oil barrel sank to $39.

Other OPEC members also want an emergency meeting. Algeria submitted a letter to OPEC expressing its concerns about the prices, while Iran is indirectly backing the idea of an emergency producer summit.

But Gulf OPEC producers are clearly against the proposal and there are slim chances they will change their mind any time soon.

Image Source: Wikipedia

Email, RSS Follow
The following two tabs change content below.
  • Bio
  • Latest Posts

Nathan Fortin

Find me on Google +

Latest posts by Nathan Fortin (see all)

  • The End of Life Option Act Already Used by 111 People - Jun 28, 2017
  • Senate Decided to Kill Rule that Promotes Retirement Plans - Apr 1, 2017
  • BlackRock Is Turning to Robots for Improved Stocks - Mar 30, 2017

Filed Under: Business

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 72 other subscribers

Mom holding newborn's hands

SF Hospital Slaps New Parents with $19K Bill for Baby Treatment

Jun 29, 2018 By Anne-Marie Jackson Leave a Comment

Harley-Davidson biker

Furious Trump Blasts Harley-Davidson for Moving Production Overseas

Jun 28, 2018 By Anne-Marie Jackson Leave a Comment

MRI machine

Warning! MRI Machines Could Poison You

Jun 27, 2018 By Anne-Marie Jackson Leave a Comment

Flight Attendants More Likely to Get Certain Cancers

Jun 27, 2018 By Anne-Marie Jackson Leave a Comment

Lone star tick sitting on a succulent leaf

More Red Meat Allergy Cases Related to Lone Star Tick Bites

Jun 26, 2018 By Anne-Marie Jackson Leave a Comment

Time magazine cover

Time Admits Sobbing Cover Girl Was Not Separated from Parents

Jun 26, 2018 By Anne-Marie Jackson Leave a Comment

Sunshine and green leaves

Vitamin D Deficiency Could Boost Risk of Lung Disease

Jun 25, 2018 By Anne-Marie Jackson Leave a Comment

Green-light laser pointer

Greek Boy’s Retina Severely Damaged by Laser Pointer

Jun 22, 2018 By Anne-Marie Jackson Leave a Comment

Red Tesla car

Tesla Suing ‘Whistleblower’ over Data Theft

Jun 21, 2018 By Anne-Marie Jackson Leave a Comment

Boiled eggs and mayonnaise

Eating too Clean Can Lead to Orthorexia

Jun 20, 2018 By Anne-Marie Jackson Leave a Comment

NYC mayor Bill de Blasio

NYC Will Allow People to Smoke Pot in Public

Jun 20, 2018 By Anne-Marie Jackson Leave a Comment

A kitten and a puppy sleeping in a bed while hugging each other

Who Is Smarter Between Cats and Dogs? Researchers Have an Answer (Study)

Jun 19, 2018 By Anne-Marie Jackson Leave a Comment

Orthodox church in Greece

Being Religious Is Tied to Longer Lifespan, Study

Jun 19, 2018 By Anne-Marie Jackson Leave a Comment

Bacon and eggs for breakfast

How Does the Keto Diet Work?

Jun 18, 2018 By Anne-Marie Jackson Leave a Comment

Related Articles

  • President Donald Trump and VP Mike Pence

    America Could Be Hit By a 2008-Like Recession in 2020

    Jun 6, 2018
  • Incoming robocall

    Florida Man Behind 96M illegal Robocalls Appears Before Congress

    Apr 19, 2018
  • Overworked government workers in Japan

    Government Computers in Seoul to Shut Down to Prevent Overtime

    Mar 26, 2018
  • Angry McDonald's customer yelling at employee

    Video of MacDonald’s Customer Having Meltdown over Ice Cream Goes Viral

    Mar 19, 2018
  • Daimler luxury Mercedes model

    Daimler Accused of Using illegal Software to Cheat on U.S. Emissions Tests

    Feb 19, 2018
  • Bride and groom

    Here’s Why Being Single Is Hurting Your Wallet

    Feb 14, 2018
  • Bitcoin and Namecoin street ads

    Top Financial Regulator Pushing for Cryptocurrency Regulation

    Feb 9, 2018
  • Bitcoin button on a white keyboard

    China Bans Online Bitcoin Ads, Citing ‘Financial Risks’

    Feb 5, 2018
  • Uber self-driving car

    Uber, Lyft Seeking Monopoly on Driverless Cars in Big Cities

    Feb 4, 2018
  • Model presenting LG washing machine

    LG Washing Machines Will Cost More in the U.S.

    Jan 25, 2018

Categories

  • Business
  • Company News & Financials
  • Diversified Financial
  • Entertainment
  • Featured
  • Health & LifeStyle
  • Micro Cap
  • Mid Cap
  • National News
  • Nature
  • OTC Exchange
  • OTC Markets
  • OTC Research
  • Science
  • Small Cap
  • Sports
  • Tech & Science
  • U.S.
  • Uncategorized
  • Wall Street
  • World
  • World Indexes

Copyright © 2021 wallstreetotc.com

About · Privacy Policy · Sitemap · Terms of Service · Contact