Venezuela’s Maduro Says He Discussed Oil Prices With Saudi King
- Oil price decline has led to shortages of food and medicine
- Crude ‘can and needs to rise to $70 a barrel,’ president says
Saudi Arabian Oil Output Hits Record High
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Venezuelan President Nicolas Maduro said he spoke to Saudi Arabia’s king about boosting oil prices and is reaching out to the heads of state of fellow producers Russia, Iran and Qatar as his country reels under the crude crash.
Venezuela, holder of the world’s biggest oil reserves, wants to stabilize prices that fell to a four-month low last week, Maduro said on state-run television Tuesday night. The longer-term goal is crude at around $70 a barrel, he said.