Venezuela's Maduro wants agreement to ensure 10 years of stable crude prices

Venezuelan President Nicolas Maduro said Monday in Istanbul that oil producing countries should be able to establish over the next six months new mechanisms that ensure stable and realistic oil prices and markets for a 10-year period. Maduro was speaking at the 23rd edition of the World Energy Congress that kicked off Monday. "We propose creating new mechanisms for oil market stability to ensure fair and realistic prices for a period of 10 years," he said with reference to an informal meeting of the 14 OPEC members to be held this Wednesday in Istanbul, at which he believes a new agreement will be reached showing that a renewed alliance of oil producing nations is possible. More…