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Venezuela Starts Consultations With OPEC, Russia on Stabilizing Oil Prices

© REUTERS / Miraflores Palace/Handout via ReutersVenezuela's President Nicolas Maduro speaks during a meeting with deputies of Venezuela's United Socialist Party (PSUV) and ministers at Miraflores Palace in Caracas, in this handout picture provided by Miraflores Palace on January 22, 2016
Venezuela's President Nicolas Maduro speaks during a meeting with deputies of Venezuela's United Socialist Party (PSUV) and ministers at Miraflores Palace in Caracas, in this handout picture provided by Miraflores Palace on January 22, 2016 - Sputnik International
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Maduro said he had started consultations with OPEC members and Russia on stabilizing oil prices.

A sign at the entrance to the Rosneft oil and gas company building in the Sofia Embankment in Moscow - Sputnik International
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MEXICO CITY (Sputnik) – Venezuelan President Nicolas Maduro said he had started consultations with the Organization of Petroleum Exporting Countries (OPEC) members as well as Russia on stabilizing oil prices.

"I talked to Saudi Arabia’s King Salman yesterday, will speak with the emir of Qatar in coming hours, have sent a letter to [Russian] President Vladimir Putin, will also talk to Iranian President Hassan Rouhani, am in contact with [Ecuadorean] President Correa, OPEC members and non-member states as we are agreeing on a number of meetings in August – September," Maduro said on Tuesday.

He said that these meetings may contribute to stabilization of oil prices.

"This price, if necessary, can easily reach $70 per barrel; that will be normally accepted by economy and that will be a motor of economic growth," Maduro said.

Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid the ongoing glut in global oil supply and causing significant problems for energy companies and oil-producing countries.

In order to support oil prices, both OPEC member states and non-cartel members made a number of efforts to freeze oil output, but these attempts failed.

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