Four Major Oil Producers Say Current Oil Prices Too Low

Russia, Venezuela, Saudi Arabia, Mexico agreed at a meeting in Vienna Tuesday that the oil price should be $100 per barrel.

VIENNA, November 25 (Sputnik) – Russia, Venezuela, Saudi Arabia, Mexico agreed that current oil prices were too low and decided to take coordinated actions to revert the trend, Venezuela’s foreign minister said.

Venezuelan Foreign Minister Rafael Ramirez attended energy talks in Vienna with officials from Russia, Saudi Arabia and Mexico in Vienna earlier in the day.

“Everyone agreed that the current price is bad. We will continue our work. Everyone is concerned about the price,” he told reporters after the talks.

“The price should be $100 per barrel, this is a fair price,” he said.

Ramirez also stated the parties agreed to maintain contact and to meet in three months to discuss the issue.

Oil prices have recently fallen due to increased oil production by the Organization of the Petroleum Exporting Countries (OPEC) countries. At their meeting in Vienna on November 27, OPEC members are expected to announce whether they will cut output to prop up prices amid worsening forecasts for consumption and the significant global increase in oil production.