Maduro proposes oil summit to stabilize prices

The emir of Qatar, Tamin bin Hamad Al Thani, and Venezuelan President Nicolas Maduro. | Photo: Reuters

The president of Venezuela, Nicolas Maduro, proposed early Saturday a summit of heads of states of the Organization of Petroleum Exporting Countries (OPEC) to address new strategies to stabilize the oil market.

"I think a summit of the heads of states of OPEC is necessary. We proposed inviting oil producing countries that do not belong to the organization," the Venezuelan leader said from Qatar during a phone conversation with teleSUR Saturday morning. “We transmitted ideas for the stability of the oil market to all heads of state belonging to OPEC.

The Venezuelan president met Friday with Qatar’s Emir Tamim bin Hamad Al Thani about strengthening economic and energy relations. Doha, the capital of Qatar is the final leg of his international Asia tour.

A major goal of his visit to Qatar was find ways to stabilize the price of oil. On Thursday, after meeting with Russian President Vladimir Putin, in Beijing, Maduro tweeted that the world economy needed a minimum price of US$70 dollars a barrel of oil.

During the phone call, Maduro further reiterated the need to restore the stability of the price of a barrel of oil, according to the urgent energy demand worldwide. "Energy investments should have a floor and a ceiling. The demand is increasing. Oil at $40 or $50 does not maintain investments, we need a minimum of $70."

Maduro also touched on the Colombian-Venezuelan border issue and said that his government was in the process of reordering the border and called on the Colombian President Juan Manuel Santos to use a diplomacy of peace. “I have faith in Colombia's president, I respect him, and believe in peaceful coexistence,” he added.

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