ISTANBUL: Venezuelan President Nicolas Maduro on Monday called for fairer oil prices to help producers, saying OPEC and states not aligned with the cartel needed to create a "new mechanism" to ensure the price of oil was propped up.
Speaking at the World Energy Congress in Istanbul, Maduro said an informal meeting of cartel members on Wednesday that was also expected to include non-OPEC state Russia could be a first step towards creating a new alliance.
The price of crude has recovered in the last days but the recent period of low oil prices has been deeply hurtful for producers like Venezuela who are heavily dependent on crude exports.
"Prices are not sustainable anymore and have fallen to their lowest levels for the last 40 years," Maduro said. "We see they are even below production costs."
"Prices must be fairer and more realistic.... for investment we need fair prices."
Referring to the upcoming OPEC talks on Wednesday he expressed hope that "the energy ministers can reach an agreement and through this agreement we hope there can be an alliance among producers.
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