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A timid call to stabilize the world oil market comes from Quito
Posted On 09 Apr 2016
Delegations of four oil-exporting countries of Latin America called Friday their OPEC (Organization of Petroleum Exporting Countries) peers and other major producers outside the group to take action in order to stabilize the world oil market.
Authorities of Venezuela, Mexico, Ecuador and Colombia met in Quito for about three hours, looking for a uniform stand to bring together producing countries inside and outside the OPEC, which will be held on April 17 in Doha posture, Qatar.
“The delegations present (…) are making a call to OPEC and non-OPEC oil producing countries to take the necessary measures to stabilize the world oil market to in order to improve prices,” reads a statement of four paragraphs. However, they were unable to reach consensus on a possible freezing of production, so the word was omitted, or other options to strengthen international oil prices (I).
