OPEC works on deal to stabilize oil prices: Venezuelan president

The Organization of Petroleum Exporting Countries (OPEC) is trying to reach a deal to stabilize world oil prices, Venezuelan President Nicolas Maduro said Friday.

"Venezuela and OPEC's greatest interest ... is to be able to stabilize prices around 100 (U.S. dollars a barrel) in the medium term," Maduro told reporters, following a private 90-minute meeting with the visiting Emir of Qatar Sheikh Tamim bin Hamad Al Thani.

OPEC members will continue to hold meetings to "progressively stabilize the international price of crude," the state-run Venezuelan News Agency (AVN) reported.

Prices have plummeted in recent months due to overproduction, mainly on the part of the United States, the AVN said. Maduro's announcement comes three weeks before OPEC members are set to meet to decide whether to cut production to shore up prices.

OPEC decided at its last meeting not to cut output even though crude has lost around half its value since selling for 115 dollars a barrel in June of last year.

Venezuela was against that decision, which was promoted by the close U.S. ally Saudi Arabia, and has been campaigning for steps to boost prices.

Maduro said he has "high hopes" that an eventual agreement will stabilize the oil market, "not only for the second half of the year, but for years to come."

The Venezuelan leader also announced a "new map of cooperation" with Qatar, which includes exchanges in the energy and gas fields, as well as agriculture, infrastructure and tourism.

"It was an extraordinary and fruitful visit to continue boosting our bilateral relations and deepening the South-South bonds between Qatar and Venezuela, between the Arab world and Latin America," Maduro said.

This is the second time this year the two leaders meet, as Maduro visited Al Thani in Doha in January.

Al Thani arrived in Caracas Friday for a private visit after meeting with U.S. President Barack Obama and other leaders of Gulf oil-producing nations in Washington. Endi