Venezuela considered an emergency OPEC meeting for falling oil prices (no go)

[joshcryer]

This is fascinating because it happened during the whole, yaknow, protesting and stuff. It flew under everyone's radar. It may have been posted it here but I didn't see it during the spamfest. I doubt it though because there's only a few English sources for it.

Google translate:

Venezuela's oil minister, Rafael Ramirez, said Thursday that representatives of the member countries of OPEC are considering calling a special meeting to discuss the fall in prices in oil markets.

The Organization of Petroleum Exporting Countries (OPEC) cut last week by 40,000 barrels per day (bpd) its growth forecast for global oil demand in 2013 by a weaker than expected use of oil in developed economies, particularly in Europe and Japan.

"Oil prices we are seeing, we are caring for.'ve Been in consultation on whether to call or not an extraordinary meeting of OPEC," Ramirez said, also president of the Venezuelan state oil company PDVSA.

...

"We have held that there is an oversupply of oil in the market and the poor performance of the economy has industrialized countries together to create a situation of falling prices that we believe must be kept in a flat $ 100 barrel, "he said.

http://lta.reuters.com/article/businessNews/idLTASIE93H07920130418

English source for above article: http://www.thenational.ae/business/energy/venezuela-will-push-for-bigger-cuts-in-output-at-opec-meeting

The reason for the sharp decline in price is because US oil production is way up: http://openchannel.nbcnews.com/_news/2013/04/01/17519026-how-the-us-oil-gas-boom-could-shake-up-global-order

And it's going to go well into 2014: http://rt.com/business/shale-usa-oil-2013-621/

Indeed, the US is going to overtake Saudi Arabia in oil production: http://www.democraticunderground.com/112727904

Rafael Ramirez's comments were made during a trumped up crisis in Venezuela (mainly Maduro mouthing off about imperialist threats and the state media looking at crime for a change as opposed to turning a blind eye to it). Why? Why not. That's the best time to call for an extraordinary meeting.

Fortunately OPEC's meeting isn't happening (what American can afford gas prices to go up artificially just as we're recovering? Especially when the country calling for it subsidizes their gas to the point of it being cheaper than water or milk or bread or a can of soda?): http://www.4-traders.com/news/Oil-Futures-Higher-After-Steep-Declines--16745094/

I find it almost ironic that Rafael Ramirez is basically saying that Venezuela's future is dependent on speculators and commodity traders to keep the price high. It is the pinnacle of capitalism.

Explains the long face: