Venezuela and Saudi hold oil talks

Venezuela and Saudi Arabia are coordinating joint action to recover oil prices, which fell 50 per cent last year, and stabilise global oil markets, Venezuelan Minister of Economy and Finance and Public Banks Rodolfo Marco Torres said yesterday.

Torres described Venezuelan President Nicolas Maduro’s meeting with Saudi Crown Prince Salman Bin Abdulaziz in the Saudi capital, Riyadh, as “excellent, and resulting in significant results”.

Meanwhile, the Saudi Press Agency (SPA) said yesterday that Prince Salman held official talks with the Venezuelan president during which the two leaders discussed bilateral relations, areas of cooperation between the two countries and ways to support and promote them, in addition to reviewing the developments in the international arena.

Venezuelan President arrived in Riyadh on Saturday after an official trip to Iran.

While in Tehran, Maduro said that reviving relations with OPEC countries and their cooperation would help them strengthen their positions in the global oil markets and improve prices.