ISTANBUL (Reuters) - Global oil prices need to be fairer and more realistic to encourage investment and OPEC members should reach an agreement to bring price stability, Venezuelan President Nicolas Maduro told an energy congress on Monday.
“OPEC members should reach an agreement and should work for the stability of the oil industry. Prices must be fairer, more realistic, and they should be an incentive for investors. For that we need fair prices,” Maduro told the World Energy Congress in Istanbul, according to a translation of his comments.
He said he hoped an agreement could be reached at a meeting of energy ministers next Wednesday and that Venezuela was ready to be part of any alliance among producers.
Price hawk Venezuela, which is suffering a deep economic crisis worsened by a fall in oil prices, has been pushing for a deal to stabilize prices for months and has said it expects non-OPEC countries to support efforts to boost oil prices.
Reporting by Ron Bousso; Writing by Nick Tattersall