Venezuela, which is part of South America and a member of the Organization of the Petroleum Exporting Countries (OPEC), is insisting for a meeting to take place this month between OPEC and non-OPEC members. This is in light with South America's push for action with regard to oil prices. It is estimated that the current oversupply could lead to a decrease in il prices by $10.

"Joint action by all oil-producing countries is necessary...in defense of a right price for a non-renewable natural resource," Venezuelan Oil Minister Eulogio del Pino said during his interview with TeleSUR.

This call is connected with the decline of oil prices for the past year. Experts claim that around 35% decline in prices took place in 2015 cause by a "race to pump by Middle East crude producers and US shale oil drillers created an unprecedented global glut." The oil prices started to weaken in mid-2014 as output from Russia, US, and OPEC - which is now composed of 13 countries from around the world-- overpowered the demand for oil.

The scenario worsen when, at the end of 2014, OPEC decided to keep the production high to "defend global market share rather than cut output to support prices."

Meanwhile, Oil Minister Bijan Zanganeh said Iran did not plan to intensify an already bearish oil market. "We are not seeking to distort the market but will regain our market share," said Zanganeh, quoted by oil ministry news agency Shana.

It has been projected that the oil prices will continue to fall after international sanctions on Iran will be removed under a nuclear deal reached in July. Furthermore, Iran has already announced it plans to increase their oil output by 500,000 barrels per day post sanctions. This is part of their strategy to reclaim its position as the second-largest-producing country member of OPEC.