REUTERS
President of Venezuela Nicolas Maduro said on Thursday he would talk to Russian President Vladimir Putin on how to stabilize the situation on the global oil market and prices, Reuters reported.
Maduro made the comments as the two men, both leaders of major oil producing countries, began talks in Beijing, after attending a military parade to mark 70 years since the end of World War Two in Asia, according to the report.
"We can talk about what we can do to stabilize oil market and stabilize prices, what would allow us to overcome the current conditions," Maduro told Putin at the start of the meeting.
"We have some not bad ideas on this issue," Maduro said.
Previously, two sources close to the government told Reuters that the meeting of Putin and Maduro was not expected to yield any concrete results, according to the report.
The economies of Russia and Venezuela are highly dependent on proceeds from the sale of oil.
Global oil prices have significantly dropped compared to those seen in the summer of 2014, falling from $100 to some $50 per barrel for Brent crude, primarily as a result of worldwide oversupply.
Russia, as well as the OPEC countries, has so far been unwilling to deliberately cut its crude oil output to support prices. Moscow has stated many times that it is not coordinating its actions with the cartel on the market of hydrocarbons.