17.11.2014 - Iran, Venezuela urge oil price support ahead of OPEC meeting
OPEC hawks Iran and Venezuela on Saturday called on fellow crude producers to shore up prices that have plunged more than 30 percent to four-years low ahead of an OPEC meeting later this month. Oil prices have fallen to below 79 US dollars on abundant and weak demand from 115 dollars a barrel in June. Skepticism that OPEC will cut supply when it meets on November 27 have also weighed on the prices. So far, only Kuwait and Iran have said a reduction is unlikely, while a Libyan OPEC official, Venezuela and Ecuador have all called for OPEC to cut output. Privately, some delegates are talking of the need for some action, although they warn an agreement will not be easy to reach..........................................Full Article: Source
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