Accessibility links

Breaking News

Russia, Venezuela Discuss Stabilizing Oil Prices

FILE - Russian Energy Minister Alexander Novak arrives for gas talks between the European Union, Russia and Ukraine at the EU Commission headquarters in Brussels, Oct. 29, 2014.

Russia and Venezuela discussed joint action to combat falling oil prices, Russian Energy Minister Alexander Novak said on Tuesday after holding talks with Venezuela's Foreign Minister Rafael RamDirez the day before.

Asked if the two discussed joint moves to counteract the oil price falls, Novak told reporters: “Yes, there is such an initiative. We discussed this theme and now we are working out those proposals on our side.”

Novak said his next meeting with Venezuelan officials will take place on Nov.25 and expected a more detailed discussion on the matter then. He refused to give any more detail.

Previous overtures between OPEC and Russia have not produced results.