Venezuela's government has requested OPEC hold an emergency meeting due to a collapse in oil prices that has left the country's economy in dire straits, sources at the organization said Wednesday.

According to Reuters, at least four delegates from the 12 other members of the Organization of Petroleum Exporting Countries have opposed the idea of such a meeting, which would be unprecedented.

De facto leader Saudi Arabia and other Gulf countries in the organization have declined proposals for similar meetings in the past.

Oil prices are at their lowest since 2008, dropping to $28 a barrel. It has had a disastrous impact on the economies of most of OPEC's members, particularly less wealthy countries like Venezuela. The problem may only get worse with the lifting sanctions on Iran.

Saudi Arabia has refused to cut production, instead opting to defend its market share against higher-cost competitors. Other members are unlikely to agree to a meeting on the matter without the support of Saudi Arabia and the other top producers.

"There is no change in the Gulf coun‎tries' position with their market share strategy," a delegate from OPEC said. "Also none of the non-OPEC (countries) show they are willing to cooperate with OPEC for a cut. Iran also still didn't add oil to the market. So things didn't change."

According to Bloomberg, Ecuador is the only country to publicly back Venezuela's proposal. President Rafael Correa said Wednesday a cut in production could support prices.

Venezuela is one of five OPEC members who are at extreme risk due to the dropping oil prices. This group, labeled the "Fragile Five," also includes Nigeria, Algeria, Libya and Iraq.

One OPEC delegate, although surprised at how prolonged the current price drop has lasted, believes prices will rise again.

"It will not be low for a very long time," he said. "If the price does fall to $20, many producers will leave the market."

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