Saudi Arabia, Venezuela agree to collaborate to restore oil prices
The authorities of Saudi Arabia and Venezuela have agreed to cooperate on restoring the plummeting oil prices, Venezuelan Finance Minister Rodolfo Marco Torres said Sunday, Sputnik News reported.
"Excellent meeting with important results. We agreed to work to restore the market and oil prices," Torres said on his Twitter account, following a meeting between Venezuelan President Nicolas Maduro and Saudi Arabia's Minister of Petroleum and Mineral Resources Ali Al-Naimi.
Maduro is currently on tour throughout a number of oil-producing countries in a bid to cut production and boost oil prices. The president has already visited Iran and is set to continue his travel to Qatar and Algeria.
During Maduro's visit to Iran last week, the Venezuelan president and his Iranian counterpart Hassan Rouhani, whose country is also heavily dependent on oil prices, agreed to cooperate within OPEC to reverse the price downfall.