The political rhetoric surrounding the recent drop in oil prices shows no signs of slowing, with Venezuela said that oil producing countries could soon meet to discuss the tumbling commodity.
In a televised address late Monday, Venezuela President Nicolas Maduro said that a gathering of both Organization of the Petroleum Exporting Countries (OPEC) countries and non-OPEC countries was being planned, according to the Associated Press.
The discussions would be in the lead-up to a crucial OPEC meeting which is taking place in Vienna on November 27, and although Maduro was slim on details, he said he was confident that fellow OPEC nations would join together to help prices recover.
It comes as Venezuela Foreign Minister Rafael Ramirez is currently on a tour of oil-producing nations including Russia and the Gulf States.
Global oil prices have plunged since peaking in June. From around $115 a barrel, Brent crude has lost around a third of its price and was trading near four-year lows on Tuesday at $79. Weak demand, a strong dollar and booming U.S. oil production are the three main reasons behind the fall, according to the International Energy Agency (IEA), which warned of a "new chapter" for oil markets, which could even affect the social stability of some countries.
This shift was further underlined on Tuesday, when Reuters reported that Iraq was looking to base its 2015 budget on an oil price of $80 per barrel.
The OPEC nations - which include the main swing producer, Saudi Arabia - are seen as key to the market, as they could agree to cut production and provide a floor for the price. However, political ramblings and a lack of formal production quotas have led many analysts to say that OPEC is unlikely to announce new policy at the end of the month.
"(The fall in price) is not helping any of the members of the cartel right now," Abhishek Deshpande, oil and gas analyst at French investment bank Natixis, told CNBC on Tuesday, but added that any sort of agreement between OPEC and non-OPEC nations could be a lame duck.