OPEC oil experts and from countries outside the group discussed at a meeting the risk that lower oil prices reduce investment in new supplies, but not agreed concrete measures to boost the market, officials said after Wednesday's talks.
The Organization of Petroleum Exporting Countries meeting invited the eight non-members, including Russia, before the summit to set policies that hold the body at its headquarters in Vienna on December 4.
Venezuelan Oil Minister Eulogio del Pino, presented his country's proposals to improve prices, as the holding of a summit between OPEC and foreign countries, and said that the equilibrium price of crude to the market is around to $ 88 per barrel.
"At $ 40 a barrel, are below the equilibrium price," he told reporters, reiterating comments made Tuesday by Venezuelan President Nicolas Maduro.
"We are concerned that the reserves are exhausted, the decline in production and investment that is needed," said Del Pino.
Producers outside OPEC refused to work with the sign on the reduction of supply to reduce surplus stood oil prices below $ 50 a barrel, compared with $ 115 of June 2014.
OPEC refused to reduce supply alone and many members increased their production.
Russia's representative at the meeting, Ilya Galkin, head of international cooperation department of the Ministry of Energy, said the investment is at risk.
"There is a real risk that oil producing countries to reduce their investments," he said. A "significant part of the meeting was devoted to proposals of Venezuela. Not discuss production cuts, "he concluded.