Experts from OPEC and outside were in talks to cut oil production

10/20/2015 14:06 GMT

Follow-up - and babysit - Organization of Petroleum Exporting Countries, OPEC called for eight non-member countries, including Russia; for talks on the situation in the oil market on Wednesday at the headquarters of the organization in Vienna.

And he refused to producers outside OPEC to cooperate with the Organization to reduce supply to reduce the excess supply in the market that pushed prices down below $ 50 a barrel from $ 115 in June 2014, and in turn, refuses to OPEC reduction alone supplies and has many of its members to increase their production.

Even so demanding Venezuela OPEC member Organization producers and others to cut production and the proposed reintroduction of the price range for OPEC mechanism in an attempt to set a minimum price of $ 70 a barrel, but delegates in OPEC have said that the possibility of joint reduction of production seems weak, while unlikely to deliver a proposal to scale Price strong support.

One delegate said, "I do not think the fact that Venezuela will succeed in their attempts ... OPEC countries now have a surplus in production, so the reduction must start from within the organization before a request for cooperation from other producers."

OPEC data indicate that the organization pumped 31.57 million barrels per day of crude oil, which is much higher than the official level of production target of 30 million barrels per day, and constitutes the lion's share of excess supply in the market of about two million barrels per day.

Most OPEC countries sent representatives who are less Industry experts rank of ministers to attend the meeting although it is expected that the Venezuelan Oil Minister Aaolockheo del Pino and his Ecuadorian Pedro Mezald Pavon involved in the talks.

Another delegate said OPEC "will not be better than its predecessor," referring to the meeting of experts from OPEC and outside in May / May, which failed to achieve cooperation between the two sides.

And some observers seem to expectations OPEC also low due; because Saudi Arabia has shown interest in a return to price-support strategy. He said Saudi Oil Minister Ali al-Naimi on Thursday that the market alone are determined by the price and not one another.

Said Jamie Webster, an analyst at IHS and expert on OPEC "meeting with a good chance to reach an agreement on the exchange of information or aimed plans to continue to market valuation, or both," but in terms of what is looking forward to the market .. it is very unlikely to reach a plan decisive and clear cut.