OPEC didn’t discuss output cuts with other oil producers

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A meeting between officials from OPEC and oil producers outside the group including Russia did not discuss restrictions on crude output or setting a target range for prices, said a Russian official that attended the gathering.

Russia is likely to meet again with the Organization of Petroleum Exporting Countries in December, Russian Energy Ministry official Ilya Galkin told reporters after the technical talks in Vienna. Venezuela has proposed a summit between heads of state from OPEC and other oil-producing nations in November to discuss the price needed to sustain future supplies, the country’s oil minister said.

Venezuela, whose economy is reeling after a 40 percent slump in oil prices over the past year, has long urged fellow OPEC members to curb production and support prices. Saudi Arabia led the group to switch its strategy in November to focus on battering competitors and reclaiming market share. Russian oil production rose to a post-Soviet record this year while OPEC has exceeded its 30 million-barrel daily production target for more than a year.
An “equilibrium” oil price of about $88 a barrel is necessary to ensure that enough new supplies are developed to offset an annual decline in global production of about 10 percent, Eulogio del Pino, Venezuela’s oil minister, said Wednesday. “There will be another cycle of high prices” if there isn’t enough investment, he said.

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