Venezuela and Algeria Meet to Review Oil Agreement, Strengthen Ties

Venezuela and Algeria have agreed to strengthen commercial and economic ties between the two countries after Venezuelan President Nicolas Maduro arrived in the African country to hold bilateral talks.

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During the meeting between the two nations, Maduro said, "We have been reviewing and making decisions based on the oil agreement with the countries of the Organization of the Petroleum Exporting Countries and non-OPEC," announcing that at the Sept. 20 meeting in Vienna there will be some good news.

Maduro met with Abdelkader Bensalah, President of the Council of the Nation of Algeria, and discussed the bilateral agreements as well as strategies for readjusting global crude prices.

“We are progressing in agreements on recovering the governance of the oil markets and ... restoring oil prices,” Maduro said in comments to journalists in the capital city of Algiers.

teleSUR correspondent Monica Vistali confirmed Algeria’s plans to send investors to Venezuela in order to develop the Bolivarian Economic Agenda.

Saudi Arabia’s Energy Minister Khalid al-Falih met his Venezuelan and Kazakhstan counterparts over the weekend to discuss an extension of the deal by at least three months, the Saudi energy ministry said.

This is the second official visit by the Venezuelan head of state to the African nation, as an example of the strong friendship and mutual cooperation that the countries have developed encouraged by the late President Hugo Chavez.

During his visit to Kazakhstan, Maduro said, "We have taken the first step towards a strategic alliance, this nation being a new center of development."