Venezuela, Russia Hold New Oil Talks

Venezuelan President Nicolas Maduro met with his Russian counterpart Vladimir Putin Thursday to discuss weak global oil prices.

“President Putin and I have come to an agreement on some initiatives that will advance (efforts) … to achieve stability in the oil market,” Maduro told Reuters.

The two leaders met on the sidelines of World War II commemoration events in Beijing, China.

Speaking to the Russian broadcaster, Maduro said Putin and leaders of the Organization of the Petroleum Exporting Countries all agree that stable prices are beneficial for the global economy.

“We must develop a new strategy for coordination and defense of the oil market,” Maduro said.

The president continued, “The collapse in oil prices doesn't just harm producers, but all investors in this sector in the world – including in the United States.”

As Maduro made the comments U.S. crude prices saw an upturn, but remained well below prices the same time last year. Despite the slump in prices, in its November 2014 meeting OPEC voted to maintain production levels, a move that pushed prices down even further in the following months. Both Maduro and Putin have since argued that boosting prices is essential for the world economy.

Despite boasting some of the world's largest oil reserves, unlike Venezuela, Russia is not an OPEC member state. Instead, Moscow has observer status. Officials in Moscow have also been skeptical of calls for oil producers to curb production to stabilize prices. Officials have suggested the private corporations that control close to 40 percent of Russia's petroleum sector could be resistant to cutting output.