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Commodities

Venezuela's Maduro says $70 oil would be balanced price

Venezuela's President Nicolas Maduro speaks during his weekly broadcast "En contacto con Maduro" (In contact with Maduro) in Caracas, Venezuela August 9, 2016. Miraflores Palace/Handout via REUTERS

CARACAS (Reuters) - Venezuela’s President Nicolas Maduro said on Tuesday oil at $70 per barrel would be a balanced price and help the global financial situation.

Venezuela’s foreign minister and oil minister are currently on tour of OPEC and non-OPEC oil producers seeking a global cut in production to boost prices. Cheap oil in recent years has hit the economy of high-spending Venezuela very hard.

Reporting by Diego Ore

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