Russia and Venezuela are discussing joint action against low oil prices, Russian Energy Minister Alexander Novak said in Moscow. Venezuelan Foreign Minister Rafael Ramirez was in Moscow for talks as part of a tour of several oil-producing nations, including Algeria, Qatar and Iran, aimed at developing a joint strategy.
Asked if he discussed joint moves to counteract the 30-percent fall in oil prices this year, Novak told reporters: “Yes, there is such an initiative. We discussed this theme and now we are working out those proposals on our side.”
Russia and Venezuela, like the other countries on Ramirez’ travel itinerary, are heavily dependent on revenues from oil exports for their national budgets. Crude oil prices are set in the context of a global market, so global geopolitical tensions and regional supply or demand surges or drops affect oil prices everywhere.