Venezuela's Maduro says oil price meeting planned

AP News
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Posted: Nov 17, 2014 9:25 PM

CARACAS, Venezuela (AP) — Venezuela President Nicolas Maduro says a special meeting of oil-producing countries is being planned to discuss falling global oil prices.

Maduro said Monday in a televised address that a meeting of OPEC and non-OPEC nations is in the works, without providing more details.

Venezuela's president said that Foreign Minister Rafael Ramirez is on a tour of OPEC countries and Russia to define a strategy to stem a steep drop in prices.

"I am confident that we are going to help oil prices recover," he said. He added that "the price of our oil has fallen 35 percent" in recent months.

Venezuela relies on oil for almost 96 percent of its export earnings and falling prices area complicating its already precarious economic situation.