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Oil experts from the Organisation of Petroleum Exporting Countries (OPEC) along with representatives of non-member states met in Vienna on Wednesday. The meeting comes at the request of Venezuela, who, along with other oil producing nations, is seeking a cut in oil production in order to stabilise the market, a motion Saudi Arabia is expected to reject. Venezuela is expected to propose an automatic floor price of $70 (€62) per barrel. Oil prices have dropped from $98 (€86) in 2013 to its current standing of $40 (€35), a six year low. OPEC oil ministers are to meet in the Austrian capital on December 4.


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