The 141st special ministerial meeting for ministers of the Organization of Petroleum Exporting Countries (OPEC) opened here on Thursday to discuss the current situation of oil market.

Venezuela's Energy and Petroleum Minister Rafael Ramirez inaugurated the meeting, saying that OPEC is facing new challenges, including geo-political tensions and market speculation.

Also speaking to the meeting, Venezuela's President Hugo Chavez said that there was enough petroleum in the international market and a bottleneck in refining capacity, among other reasons, was pushing up prices.

He also suggested that 50 U.S. dollars a barrel is a fair price that OPEC could use as a floor for negotiations.

He said that more nations might seek to join the organization, which currently has 11 members, with Venezuela as the only Latin American country.

On Wednesday, Ecuadorian officials said Ecuador is considering rejoining OPEC, an organization it had left some years ago.

Source: Xinhua