MOSCOW (Sputnik) — Venezuela, which relies heavily on oil exports, has been in touch with the members of the Organization of the Petroleum Exporting Countries (OPEC), pushing for a meeting in coordination with Russia to stop the current trend of crude prices slump, a source told The Wall Street Journal Thursday.
"Venezuela is genuinely concerned that if no action is taken prices are going to drop further. They also understand that OPEC alone cannot help much and there is a need for cooperation with producers outside OPEC, mainly Russia," the source said.
Global oil prices have dropped significantly so far in the second half of 2015 compared to summer 2014, falling from $100 to $43 per barrel for Brent crude — primarily a result of oversupply in the global market. In late July, OPEC said it would not decrease oil production, keeping its production level at 30 million barrels per day.
Russia’s oil-reliant economy also experienced a slowdown in 2014 amid the dropping oil prices.
