Venezuela and Iran seek OPEC oil cut Venezuela and Iran...

Venezuela and Iran seek OPEC oil cut


Venezuela and Iran strengthened their growing ties on Saturday with various commercial agreements and a pledge to push for a cut in world oil supplies to counter plunging prices.

Venezuelan President Hugo Chavez blamed the United States for undermining the significance of the OPEC cartel to bring down oil prices, which have tumbled 15 percent this year during a mild US winter.

"We agreed this afternoon to increase our coordinated efforts in OPEC and with the major oil producers outside OPEC to safeguard the price of our main product," Chavez said at a meeting in Caracas with Iranian President Mahmoud Ahmadinejad.

"Today we know there is too much oil in the market and we will support decisions taken to cut production and safeguard the oil price."

Iran is the world's fourth-biggest oil exporter, while Venezuela, according to US data, has slumped to eighth place from fifth. Still, both countries are significant OPEC voices.

Ahmadinejad and Chavez, two ex-soldiers who came to power on populist platforms, have developed a close personal relationship, often hailing each other as "brother."

Chavez has backed Ahmadinejad in his battle with the international community over Iran's nuclear program, which last month led to limited UN sanctions.

While the United States accuses Iran of seeking to build atomic weapons, Chavez has insisted that Tehran wants to use nuclear technology only to generate electricity. Chavez and Ahmadinejad did not address the issue on Saturday.