OPEC & Non-OPEC Members Agree to Hold Emergency Meeting

Venezuela’s oil minister Eulogio Del Pino today stated that six oil-producing countries have agreed on an emergency meeting between OPEC and non-OPEC member states. The minister further noted that both Iran and Russia have both agreed to take part in the meeting. Given that both Venezuela and Russia are among the hardest hit nations from the global oil price collapse, these are the countries that are likely pushing for an emergency meeting to stabilize global oil markets. Interestingly, minister Del Pino was in Tehran Wednesday on a tour of OPEC and non-OPEC countries and also stopped in Russia earlier in the week to hold talks with energy officials (including discussions with the CEO of Russia's largest oil producer Rosneft). After Russia and Iran, the Venezuelan minister is planning to visit Qatar, Iran and Saudi Arabia, the world’s largest oil exporter. Given Saudi Arabia's firm position to not cut production and maintain global oil market share, it will be interesting to see if both Venezuela and Russia can rally both OPEC and non-OPEC members to hopefully find a solution to end the global oil crises (with or without Saudi Arabia).