Venezuela's Maduro calls in Iran for oil price cooperation

Iran's supreme leader Ayatollah Ali meeting with Venezuelan President Nicolas Maduro (C) to discuss way to stabilise the prices of oil on October 22, 2016Venezuelan President Nicolas Maduro called on Saturday for increased cooperation between oil-rich nations to stabilise prices as he met with the supreme leader and president of Iran. “To stabilise the price of oil, new mechanisms should be taken and consultation among oil-producing countries, be they members or non-members of the OPEC, should increase,” Maduro said, according to the website of Iranian President Hassan Rouhani. Venezuela’s economic and political crisis has been compounded by the collapsing price of oil, and Maduro hopes that other oil-rich countries will agree to cap production in order to boost global prices.

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