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.