Putin to Discuss Stabilization of Global Oil Prices With Maduro

Russian President Vladimir Putin will meet with the leaders of Venezuela, the Czech Republic and Laos during his upcoming visit to Beijing, presidential aide Yuri Ushakov said Monday.

MOSCOW (Sputnik) — Russian President Vladimir Putin plans to hold a meeting with his Venezuelan counterpart Nicolas Maduro on possible means to stabilize global oil prices through cooperation with OPEC, Russian presidential aide Yuri Ushakov said Monday.

Putin will visit China on September 2-3 to take part in events devoted to the 70th anniversary of Japan’s surrender in World War II.

"The plan is to discuss practical steps for further development of the whole complex of bilateral trade and economic ties. Special attention will be given to possible joint steps to stabilize prices on the global oil market, particularly through cooperation between Russia and OPEC," Ushakov told reporters.

Global oil prices have dropped significantly so far in the second half of 2015 compared to summer 2014, falling from $100 to $48 per barrel for Brent crude, as of Monday — primarily a result of oversupply in the global market. In late July, OPEC said it would not decrease its oil production, keeping its production level at 30 million barrels per day.

According to the International Energy Agency (IEA), global oil prices will fall further in 2016 in response to decreasing demand.

"During Putin's meeting with President of the Czech Republic [Milos] Zeman, the whole range of bilateral issues will be discussed in detail, including cooperation in trade, economy, investment, energy, and the cultural sphere," Ushakov said, adding that the two leaders will also talk about the problems in Russia-EU dialogue.

Putin is expected to discuss bilateral relations with Chinese President Xi Jinping.