WSJ report
Saudi Arabia, the United Arab Emirates, Qatar and Kuwait don't want to hold a summit non-OPEC members because they don't think it would be successful in getting commitments to cut production enough to prop up oil prices, unnamed officials told the Wall Street Journal.
Venezuela had proposed the summit but an official said it would falsely raise expectations and then hurt oil market sentiment when hopes were dashed.
"It will have a negative impact on the market and prices if no real measures are taken," the official said.
Venezuela is in crisis mode and the summit ploy was a long-shot desperation move.
