Algeria, Venezuela mull "consensual" solution to oil price issue

Visiting Venezuelan President Nicolas Maduro Moros said here on Tuesday that his country and Algeria are working together for a "consensual" solution for the issue of falling oil prices.

"I want to reiterate my thanks to President Abdelaziz Bouteflika, for the effort, support, assistance and encouragement he has been providing," Nicolas Maduro told reporters after his meeting with the Algerian head of state.

The President of Venezuela arrived on Monday in Algeria for a two-day visit.

He noted that "President Bouteflika is well informed about the operations we are currently conducting to reach a consensus position and a solution to this oil prices issue."

"I discussed with President Bouteflika the contribution of both OPEC and non OPEC countries in a bid to reach an eventual consensus on this matter," he said.

Venezuelan President's visit to Algeria is part of his efforts to convince OPEC member countries to cut oil outputs to raise prices.

"I informed President Bouteflika that some European and North American news agencies have been criticising the tour I have been making in many countries, in a bid to discourage us to reach this potential consensus," he noted.

"We are in a delicate situation, and we are trying to do everything necessary in order to recover what was lost (the consequences of falling oil prices), to be able to ensure that oil prices could rise again," he concluded.

Oil prices have dropped to a record level in global market, while OPEC members have failed so far to address the situation.

Algeria and Venezuela are among OPEC state members who have been urging to cut oil outputs in order to push the prices up again. Endit