07:15 GMT +320 March 2018
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    Putin, Maduro Discuss Situation on Global Oil Market

    CC BY 2.0 / Paul Lowry / Oil Pump Jack
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    Russian President Vladimir Putin and Venezuelan President Nicolas Maduro held a phone talk, discussing the situation on the global oil market, the Kremlin press service said Friday.

    MOSCOW (Sputnik) — Market prices for benchmark Brent and WTI crude dropped to a 12-year low in mid-January, sliding below the historic level of $30 a barrel due to oversupply in the market.

    However, crude oil prices rose on Friday, with both Brent and WTI crude trading above $30.5 per barrel, according to commodity futures price quotes.

    The leaders discussed "the current situation on the global oil market, as well as further development of bilateral cooperation in politics, trade and economy," the press service said in a statement.

    The talk was initiated by Venezuela.


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