OPEC, Non-OPEC Coordination Unrealistic, Says Kuwait

Arab Gulf oil producer Kuwait has poured cold water over a Venezuelan initiative aimed at engineering coordinated action between Opec and non-Opec producers to boost oil prices from the near five year lows global oil markets are currently experiencing.

Alongside fellow price hawks Algeria, Nigeria, and to a lesser extent Iran and Iraq, Venezuela has been leading the calls for action to prop up oil prices in an effort to ease the...