TEHRAN (Fars News Agency)- Iran and Venezuela called on the other members of the Organization of Petroleum Exporting Countries (OPEC) to slash their production in a bid to prevent any further drop in the world oil prices.
Speaking in a meeting with his Iranian counterpart, Mahmoud Ahmadinejad in Caracas on Saturday, Venezuelan President Hugo Chavez stressed that the oil market is facing a surplus, and “thus, Caracas supports any kind of decision for the increased production cuts to stop sliding oil prices.”
Iran and Venezuela are the second and third largest OPEC producers, respectively and they play a crucially effective role in controlling global prices, he added.
The meeting between the two presidents is the 3rd in the last 6 months, indicating the two countries’ profound political and economic ties.
Also during the same meeting, the Iranian president described Venezuela as his country’s friend and brother, and voiced support for the expansion of ties between Tehran and Caracas in all areas.
Iran and Venezuela last September signed a 10 bn dollar contract in the energy sector.