Iranian president Hassan Rouhani has called on OPEC member states to determine an acceptable price for oil during the current year, according to Iranian TV channel Press TV.
Rouhani and his Venezuelan counterpart, Nicolás Maduro, pledged at a press conference in Tehran "to work together to stabilise the world's oil prices."
Rouhani also pointed out that some forces are seeking to implement schemes against OPEC, adding that the strengthening of relations with South American countries is among the priorities of his administration.
Oil prices have fallen by more than 55 per cent since last June, putting pressure on the economies of both countries.
After leaving Tehran, the Venezuelan president is scheduled to visit a number of other OPEC members, including Saudi Arabia, to discuss the decline in oil prices. OPEC countries have not, till now, reached an agreement to cut production in order to stop the decline in prices; and the organisation is pumping about 40 per cent of the oil production worldwide.