Venezuela's Chavez: Russia May Coordinate Cuts With OPEC

Venezuela's Chavez: Russia May Coordinate Cuts With OPEC

CARACAS -(Dow Jones)- President Hugo Chavez suggested Tuesday that Russia could soon coordinate oil output cuts in line with the Organization of Petroleum Exporting Countries, or OPEC, in a bid to shore up falling prices.

"We're talking with Russia so they can coordinate future cuts with OPEC," Chavez said in a televised address from Ecuador, adding he would give no more details on the issue.

Chavez also suggested that a price of $70 or $80 a barrel is enough for Venezuela to comfortably move forward with its spending plans.

"A price of $70 or $80 a barrel is enough," he said, and forecast that prices should settle at some point in the $80- to $100-a-barrel range.

Venezuela, a founding member of OPEC, has proposed the cartel adopt once more a price band that keeps prices moving between $80 to $100 a barrel.

-By Raul Gallegos, Dow Jones Newswires; +58-212-905-6338;

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(END) Dow Jones Newswires

October 28, 2008 17:05 ET (21:05 GMT)

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