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Venezuelan Oil and Mining Minister Eulogio del Pino spoke to the media after a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) in Vienna, Wednesday, in which he made some proposals on oil price policies. Del Pino stated that Venezuelan authorities presented "new points of view about the production." as they are "concerned about the depletion of the reservoirs, about the decline of the production and about the investment required." According to the minister, it is important to "define an equilibrium price" in order to avoid "cycles of high price - low price," which "is not good for any country," he added. OPEC is an international organisation based in Vienna, aimed at trying to coordinate and unify the petroleum policies of its members, and allegedly ensure the stabilization of oil markets. In 2014 OPEC comprised twelve members: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.

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