Venezuela Says Informal OPEC Meeting Planned Ahead of December

Oil ministers of OPEC nations will hold “candid, informal” talks on Dec. 3, a day before the group’s formally scheduled meeting in Vienna, Venezuela’s oil minister said on Wednesday, adding the idea was suggested by Saudi Arabia.

“It’s an informal meeting where we’re going to speak in a very frank way about the market situation, and we’re going to speak frankly about production levels in each country,” Venezuelan Oil Minister Eulogio del Pino told Reuters in a phone interview.

Price-hawk Venezuela has been pushing for OPEC action to boost prices. OPEC kingpin Saudi Arabia, however, has rebuffed those calls and is instead focused on defending market share.

The informal meeting will be held at the suggestion of Saudi Arabia’s oil minister Ali al-Naimi, del Pino said.

“After our calls for the need for OPEC to do something, he himself proposed that we could meet a day before the OPEC meeting to talk, in a candid, informal way, about the situation, what we’re going to do with volumes, what we’re going to do with prices,” added del Pino, who met with Naimi earlier on Wednesday.

via Reuters

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza