The price of oil is a “concern for everyone,” Venezuela ’s representative to OPEC said after a meeting with Saudi Arabia’s oil minister yesterday. Rafael Ramirez, who is also Venezuela’s foreign minister, told reporters at a climate-change conference on Margarita Island that Saudi Arabia’s participation at the event was part of a meeting between friends. The Middle East nation is the biggest producer in the Organization Of Petroleum Exporting Countries, a 12-member group responsible for about 40 percent of the world’s oil supply. Brent crude has collapsed to the lowest level in more than four years amid speculation that global supply is outpacing demand. OPEC’s leading producers are responding by cutting prices, resisting calls to reduce supply as they compete with the highest U.S. output in three decades. Ramirez greeted Saudi Arabia’s Ali Al-Naimi as he arrived at the event before they began a private meeting, stopping briefly for […]