Iran and Venezuela yesterday called on fellow crude producers to shore up prices that have plunged more than 30 per cent to four-year low ahead of an Opec meeting later this month.

Oil prices have fallen to below $79 on abundant supply and weak demand from $115 a barrel in June. Scepticism that Opec will cut supply when it meets on November 27 have also weighed on the prices, reported the Gulf Daily News, our sister publication.

So far, only Kuwait and Iran have said a reduction is unlikely, while a Libyan Opec official, Venezuela and Ecuador have called for Opec to cut output.

Privately some delegates are talking of the need for some action, although they warn an agreement will not be easy to reach.

Venezuelan Foreign Minister Rafael Ramirez, speaking in Iran, said Tehran and Caracas hold a common stance on the oil market. – TradeArabia News Service