Extraordinary OPEC Summit Unlikely – Venezuelan Ambassador

Venezuela’s ambassador to Mexico Hugo Garcia Hernandez believes an extraordinary OPEC session unlikely to happen before the next scheduled meeting.

MEXICO CITY (Sputnik) — A summit of the Organization of the Petroleum Exporting Countries (OPEC) is unlikely to take place before the next scheduled meeting in early June, Venezuela’s ambassador to Mexico Hugo Garcia Hernandez told RIA Novosti.

On Monday, OPEC president and Nigerian oil minister Diezani Alison-Madueke told the Financial Times that she could call an extraordinary OPEC meeting if oil prices were to fall any further in the upcoming weeks. Nigeria and Venezuela are among the countries worst hit by plummeting crude prices.

"It is very important now to hear what the OPEC has to say, but, as I understand it, there will be no OPEC summit before June," Hernandez said.

The diplomat noted that the situation on the oil market is rapidly developing, and consultations are currently being held also outside of the OPEC.

Ecuador’s President Rafael Correa agreed with the need to hold an extraordinary session, telling reporters on Tuesday that current oil prices are "unnecessarily" low.

During its last meeting in November, OPEC, which comprises 12 countries accounting for about 40 percent of the world’s crude oil output, decided against cutting production, a move which would have boosted plummeting prices. Many members of OPEC, which is dominated by the Gulf monarchies, opposed the decision.

Oil prices are now down by more than half since mid-2014 amid oversupply in the market.