Venezuela's Alirio Parra helped stabilize OPEC through a meeting with oil leaders. Why was the meeting held? What came out of this meeting?

Parra believed that the industry was killing itself with the set up it had. He secretly met with other oil leaders to agree on a new price for oil; one that was lower in price. They hoped that this would reignite demand for oil. A new price and quota system were set up that made consumers and producers happy with the deal. Some countries, like Iran, were hit hard by the deal, however.