Iran and Venezuela urge OPEC members to defend oil prices

(AGI) Dubai, Nov 15 - In a weighty shift within OPEC's internaldynamics ahead of a meeting in Vienna on Nov. 27, Iran andVenezuela have now urged fellow oil-producing nations to defendoil prices. Up till a few days ago, the traditional OPEC hawksseemed to exclude resorting to production cuts to counter the30 percent drop in oil prices on the global market in the lastsix months. However, with the budget plans of numerous OPECstates now at risk, pressure on the organisation to take actionhas increased, chiefly from members such as Ecuador, Libya, andespecially

(AGI) Dubai, Nov 15 - In a weighty shift within OPEC's internaldynamics ahead of a meeting in Vienna on Nov. 27, Iran andVenezuela have now urged fellow oil-producing nations to defendoil prices. Up till a few days ago, the traditional OPEC hawksseemed to exclude resorting to production cuts to counter the30 percent drop in oil prices on the global market in the lastsix months. However, with the budget plans of numerous OPECstates now at risk, pressure on the organisation to take actionhas increased, chiefly from members such as Ecuador, Libya, andespecially Venezuela, which is facing a deep economic crisis.(AGI) . .