Iraq, Libya Heads Meet Saudis Ahead of OPEC Meeting

OPEC producers are stepping up their diplomatic visits before the groups meeting in two weeks, potentially seeking a consensus on how to react to oil prices that have plunged to a four-year low.

Libyan Prime Minister Abdullah al-Thani flew to Riyadh yesterday just as Iraqi President Fouad Masoum left the kingdom after a two-day visit where he met with King Abdullah, the official Saudi Press Agency reported. Rafael Ramirez, Venezuelas foreign minister and representative to OPEC, held talks in Algeria and Qatar. Saudi Arabias Oil Minister Ali Al-Naimi toured Latin America.

The Saudis will not walk the road alone, they want to see everyone share the burden with them, Kuwait-based analyst Kamel al-Harami said by phone. Saudi Arabia, the worlds biggest oil exporter, is trying to build consensus among fellow members of the Organization of Petroleum Exporting Countries before they meet Nov. 27 in Vienna, he said.

Brent crude extended losses below $80 a barrel, dropping to a four-year low amid signs that OPECs biggest members will refrain from reducing output to ease a supply glut. WTI fell below $75 yesterday.

Falling oil prices are straining state budgets among OPEC members, including Iraqs government, which is leading a costly war against Islamist militants, and Libya that is struggling to keep crude output steady amid political divisions and violence.

Irans Islamic Republic News Agency said Bijan Zanganeh, the nations oil minister, delivered a message to Kuwait on behalf of President Hassan Rouhani. Zanganeh briefed Kuwaiti Emir Sheikh Sabah Al-Ahmad Al Sabah on developments in oil markets, the agency said. He also went to Qatar, IRNA reported.

Algeria and Venezuela discussed oil markets and re-affirmed a joint position to defend prices, state-run news agency Algeria Press Service cited visiting Venezuelan Foreign Minister Rafael Ramirez as saying after a meeting in Algiers with Abdelaziz Bouteflika, the north African countrys president.

He also went to Qatar where he discussed crude prices and stability of oil markets with Middle East countrys Prime Minister Abdullah bin Nasser bin Khalifa Al Thani and Energy Minister Mohammed Bin Saleh Al Sada yesterday in Doha as part of a tour of oil-producing countries, Venezuelas foreign ministry said in statement on website. Hes also is scheduled to travel to Iran and Russia, the ministry said.

Saudi Arabia remains committed to seeking a stable oil prices and speculation of a battle between crude producers has no basis, Al-Naimi said Nov. 12 in Mexico after a visit to Venezuela.

OPEC members Libya, Venezuela and Ecuador have called for action to prevent crude from falling further. Libyas OPEC governor Samir Kamal said last month that the group must cut daily output by 500,000 barrels as the market is oversupplied by about 1 million barrels a day.

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Iraq, Libya Heads Meet Saudis Ahead of OPEC Meeting

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