Feb 5, 2016
Venezuala’s oil minister says emergency oil meeting around the corner
Oil saw a rise in its prices as dollar fell and speculations over an emergency OPEC meeting rose. Oil priced has slipped considerably, almost 70 per cent from its peak in June 2014 primarily on glut concerns and also to some extent due to drop in demand. OPEC had at is Vienna meeting in December upheld its policy of pumping record volumes to defend market share. On the other hand removal of Iran sanctions raised fears that the country’s exports would flood an already overflowing market. Non-OPEC members like Russia did not seem interested in discussing an oil cut strategy. Meanwhile, Saudi-Arabia Iran face-off further lowered the possibility of any such discussion on production cut.
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