Venezuela President Pushing For Change in OPEC

Nicolas Maduro the President of Venezuela made a suggestion to the Emir of Qatar about an idea that the Arab Gulf state leader liked.

Maduro said on Saturday that he made the proposal the Emir liked and said he was in agreement with it. He added that the Emir said that being president of the organization for summits he would make the consultations that were necessary.

The leader of Venezuela, who met with Skeikh Tamim bin Hamad al-Thani the emir of Qatar, during a state visit he made to the OPEC nation, added that he had also made the suggestion to the countries that are non-OPEC such as Russia to take part.

Maduro said he suggested that the oil-producing countries that were non-OPEC could be invited to the summit since it would be about us being faced with a new situation in the market, which had turned the market into one that is highly unstable with up and downs in the prices that hurt the overall global economy and oil investments.

The reaction by the emir to that part of Maduro’s proposal was unclear.

It was not possible at the time of this publishing to receive comments from members of the Qatar government. The Oil Ministry in Venezuela did not respond immediately to requests for more details.

Venezuela is very cash strapped at the moment and for months has been pushing to hold an emergency meeting of OPEC as well as joint coordination with Russia to stop the tumble of worldwide oil prices, which once again crashed this past week on news of a global glut.

However, OPEC’s wealthier members across the Gulf drove the strategy shift of the group last year that allowed the prices to fall in order for the group to defend its market share.

Venezuela is known as an oil hawk, and severe product shortages and deep recession have heightened the need by Maduro for a market recovery, especially ahead of a parliamentary election scheduled for December 6.

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