Venezuela's Maduro Says Putin Agrees to Support Oil Prices
- Maduro wants oil price above $70 a barrel; price about $50 now
- Venezuela among OPEC members worst hit by oil price slump
This article is for subscribers only.
OPEC member Venezuela and Russia, the largest oil exporter outside the group, agreed on “initiatives” to bring stability to the market, according to Venezuelan President Nicolas Maduro.
Russian President Vladimir Putin and Maduro “have agreed on some initiatives that will be known when put in place, to achieve stability of the oil market,” Maduro said after a meeting with his Russian counterpart in China on Thursday, according to Venezuela’s state-news agency AVN. “Stable prices may be best for the world economy and, at present, prices at least above $70 a barrel are the best for ensuring energy investment in the next 50 years.”