The energy ministers of the OPEC nations gathered for the cartel’s policy meeting on Friday amid warnings from its staff that oil prices will likely remain low no matter what the group decides to do about production. The Organization of the Petroleum Exporting Countries is grappling with how to respond to a prolonged slump in oil prices, which are down more than 60% from their highs in 2014. The downturn’s root cause is growing vast supplies of petroleum that are outpacing demand. Near-record production from OPEC itself is exacerbating the problem. Oil prices rose in volatile trading Friday as traders positioned themselves ahead of the meeting. A group of countries led by Venezuela said they would push for a 5% production cut among OPEC members. Venezuela’s oil minister, Eulogio Del Pino, said prices would fall further to $20 a barrel—from $44 a barrel on Friday—if OPEC didn’t reign in […]