Presidents Nicolas Maduro and Vladimir Putin Discuss Oil Prices

Venezuelan President Nicolas Maduro met privately with his Russian counterpart, Vladimir Putin, Monday in Tehran, Iran to discuss the stabilization of the price of oil, a critical export and important source of revenue for both countries. Both leaders are in the Persian country attenbding the III Gas Exporting Countries Forum, or GECF.

"There will be no imperial maneuver from Washington that will continue harming producing and exporting countries who want stability and a fair price," said Maduro one day before the meeting. 

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President Maduro has alleged that the dramatic drop in the price of oil forms part of an “economic war” against his country and others, such as Russia, that have challenged the power and influence of the United States.

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"A stable (oil) price is beneficial for the world economy … Oil should not be used to wage political, biological, or economic wars," added Maduro.

Countries in Latin America that depend on revenue from hydrocarbons, such as Venezuela, Ecuador, and Bolivia, have been forced to adjust their national budgets in light on the decrease in revenue. Nonetheless, these three countries have pledged to maintain social programs and investment.

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​Maduro and Putin are in Iran as part of the Gas Exporting Countries Forum Summit being held Monday. The summit, which gathers the heads of state and government of member countries, is aimed at discussing energy and gas policies.

Bolivian President Evo Morales also indicated he would hold a bilateral meeting with Putin while in Iran to Russia's support for Bolivia's nuclear development plan.

The Gas Exporting Countries Forum is comprised of the following 18 countries: Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, United Arab Emirates, and Venezuela. 

Kazakhstan, Iraq, the Netherlands, Norway, Oman and Peru are observer members.