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Putin, Venezuelan President Discuss Falling Oil Prices

Russian President Vladimir Putin (left) welcomes Venezuelan President Nicolas Maduro during their meeting in Moscow on January 15

Russian President Vladimir Putin has held talks in Moscow with his Venezuelan counterpart about declining global oil prices.

Kremlin spokesman Dmitry Peskov said Putin's January 15 meeting with Venezuelan President Nicolas Maduro "focused in detail on the situation on the world's crude oil markets."

Maduro's visit came after he made earlier stops in Iran, Saudi Arabia, Qatar, and Algeria to try to persuade big oil producers to cut production so that prices rise.

But officials in Moscow have said it would be difficult for Russia to cut production.

The price of oil has dropped 60 percent since June to under $46 a barrel, its lowest point in almost six years.

The economies of Russia and Venezuela both depend heavily on oil revenues.

Russia also has been hit hard by Western sanctions over its role in Ukraine's conflict.

With reporting by Interfax and Reuters
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