Russian President Vladimir Putin and his Venezuelan counterpart Nicolas Maduro will discuss "possible mutual steps" to stabilize global oil prices during a visit to China this week, a Kremlin aide said Monday.
Putin and Maduro will attend a military parade in Beijing marking 70 years since the end of World War II in Asia.
Kremlin aide Yury Ushakov said the steps would be discussed as part of Moscow's cooperation with OPEC. He did not give any further details.
The price of oil, Russia's chief commodity export, has halved since last year to trade below $50 per barrel, helping send the Russian economy into recession.
The Wall Street Journal reported last week that Venezuela has been contacting other members of the Organization of the Petroleum Exporting Countries (OPEC), pushing for an emergency meeting with Russia to come up with a plan to stop the global oil price rout.
Russia, one of the world's leading oil producers, is not a member of OPEC. Moscow and the cartel have so far refrained from trying to prop up production by cutting prices.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
