BEIJING (Sputnik) – President of Venezuela Nicolas Maduro suggested discussing how to stabilize the situation on the global oil market during a meeting with his Russian counterpart Vladimir Putin on Thursday.
"We could talk about what we can do to stabilize the oil market and to stabilize the prices, which would allow us to overcome the lengthy conjuncture characterized by low oil prices. We have some pretty good ideas on this matter," Maduro said.
Global oil prices have significantly dropped compared to those seen in the summer of 2014, falling from $100 to some $50 per barrel for Brent crude, primarily as a result of worldwide oversupply.
According to the International Energy Agency (IEA), global oil prices will fall further in 2016 in response to decreased demand.
