Latin America

Maduro slams falling oil prices to defend Venezuela’s interests

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Venezuelan president has sent the country’s foreign minister to five oil producers, including Iran, Mexico and Russia, to discuss decline in oil prices.

Rafael Ramirez, Venezuelan foreign minister and representative to the Organisation of the Petroleum Exporting Countries (OPEC), visited Algeria on Wednesday as his first stop of a tour that includes visits to Qatar, Iran and Russia.

President Nicholas Maduro pointed on Thursday’s meeting to the falling oil prices causing a 30 percent drop in net oil revenue during the last month.

Ensuring that the falling oil revenues would not affect governmentally financed social programs, Maduro confirmed his country had the largest oil reserves accounting for his country’s most of the government’s spending.

The Venezuelan government has called for an emergency meeting of the Organisation of the Petroleum Exporting Countries (OPEC) in order to discuss on a position for decreasing production and increasing prices.

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