OPEC decision adds to Venezuela worries

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OPEC decision adds to Venezuela worries

Rafael Ramirez, Venezuela, OPEC
Venezuela's Rafael Ramirez, Minister of Popular Power of Petroleum and Mining, speaks to journalists prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Wednesday, June 11, 2014. (AP Photo/Ronald Zak) | Ronald Zak/AP/Press Association Images

Venezuela needs to act in the face of falling oil prices after the price of a barrel of Brent crude slumped below $70 per barrel for the first time in four years in the wake of OPEC’s decision on Thursday to maintain output levels, analysts said.

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