Russia attends OPEC meeting as Venezuela leads strategy for $70/barrel

Russia and four countries outside the Organisation of Petroleum Exporting Countries (OPEC) are attending the group’s meeting on oil prices in Vienna, Austria.

OPEC had initially invited eight non-member countries to grace its meeting, where Venezuela was to reveal a strategy plan to cut production and increase prices $70 per barrel floor.

The countries invited were Azerbaijan, Brazil, Colombia, Kazakhstan, Norway, Mexico, Oman, and Russia.

Only Mexico, Russia, Colombia, Kazakhstan and Brazil are understood to have sent delegates, while Norway, Azerbaijan and Oman are absent at the meeting.

Over the past year, crude oil prices have fallen drastically following the United States full-fledged arrival in the global crude market.

The supply of oil increased drastically, drowning demand and slashing prices to record lows.

This US stance forced OPEC to revise production of its crude to 31.57 million barrel per day in August, 2015, a peg that was violated in September when supply increased to 31.68 million.

The expert meeting which started on Wednesday at the petroleum exporter group’s headquarters in Vienna is aimed at solving the supply problem and raising prices to $70.

According to Reuters, however, non-OPEC producers have refused to work with OPEC in cutting supply to reduce a surplus that has prompted oil prices to sink to below $50 a barrel from $115 in June 2014.

“There will be an exchange of views, discussion of the market and the OPEC secretariat’s presentation, but I don’t think there will be an agreement to coordinate,” an OPEC delegate said.

OPEC’s 168 ordinary meeting to set policy on the future of oil prices is scheduled for December 4, 2015.