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Emergency OPEC meeting urged to stop oil decline

Emergency OPEC meeting urged to stop oil decline
Venezuela’s Foreign Minister Rafael Ramirez said his country will ask for an emergency meeting of OPEC countries to try to halt sliding oil prices, Arab News reported.
“We are going to ask for an extraordinary OPEC meeting. We need to try to coordinate some sort of action to stop falling oil prices,” the Minister said.
A barrel of Venezuelan crude closed at $82.72 on Friday, dropping $3.17 for the week, one of the lowest levels in three years.
The next OPEC regular meeting is scheduled for November 27 at the group’s Vienna headquarters in Austria.
Ramirez said the price drop is due to an overproduction in non-OPEC countries — a reference to shale oil, of which the US is the world’s top producer.
The 12 members of OPEC said that world demand will rise by 1.05 million barrels per day (mbpd) to 91.19 mbpd this year.
OPEC predicted demand to reach 92.38 mbpd in 2015, unchanged from its previous forecast.