Venezuela, Ecuador to Defend Oil Prices

 

Venezuela and Ecuador are working on a joint proposal to defend oil prices that the two countries will present at the next OPEC meeting, Venezuelan President Nicolas Maduro said on Friday.

Venezuela was the first country to request an extraordinary meeting of Organization of the Petroleum Exporting Countries to discuss the sharp drop in crude prices that began in October, but the idea got little support.

"Our Foreign Minister Rafael Ramirez was in Ecuador today coordinating with the government of President (Rafael) Correa, and we are going to take a proposal to OPEC," Maduro said during a televised broadcast. "We're working internationally to defend, as we should, the price of oil."

OPEC meets to review policy on Nov. 27.

The weekly average of Venezuela's basket of crude and refined products dropped on Friday by $0.11 from the week before, to $75.79 per barrel. The price of benchmark WTI crude has fallen close to 20 percent since the end of July.

(Reporting by Brian Ellsworth)