Venezuela's Maduro, Russia's Putin come together on idea of controlling oil prices


CARACAS, VENEZUELA –  Venezuela and Russia have agreed to measures for boosting oil prices until it stabilizes between $70 and $80 barrel, a figure welcomed by the Organization of the Petroleum Exporting Countries, or OPEC, Venezuelan President Nicolás Maduro announced Thursday.

"[Russian President Vladimir] Putin and I have agreed on some initiatives ... and we say, from Venezuela: a price range of between $70 and $80 could ease the way for a smooth functioning of the oil market in the coming months and years," Maduro told reporters in Beijing, China.

Maduro said the final initiative to stabilize the oil market would be disclosed once the measures are in place.

The Venezuelan leader added that it is good for markets if oil prices rise above $70 per barrel, an idea supported by Putin as well as all OPEC members. (by Fox News)