Accessibility links

Breaking News

Putin To Discuss Oil Prices With Venezuelan President

Venezuela's President Nicolas Maduro is scheduled to meet Russian President Vladimir Putin in Moscow on January 15.

The Russian capital is the last stop of a tour by Maduro aimed at trying to persuade big oil producers to cut production to boost oil prices.

Maduro traveled this week to Iran, Saudi Arabia, Qatar, and Algeria to gather support for his diplomatic push.

Oil price -- the cornerstone of both the Russian and Venezuelan economies -- have reached their lowest in almost six years.

Oil prices have dropped 60 percent since June to under $46 a barrel.

But officials in Moscow have said the country -- where around 40 percent of output is in private hands -- would find it technically tough to cut.

Russian Energy Minister Alexander Novak took a similar line on January 14, saying volatile prices were part of market patterns.

Based on reporting by Reuters