Venezuela's president and Saudi Arabian crown prince meet in Riyadh and talk oil prices

IndustriesAssociated Press

Venezuelan President Nicolás Maduro has met with Saudi Arabia's Crown Prince Salman a day after meeting Iran's supreme leader to talk about the slump in global oil prices.

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The official Saudi Press Agency reported Sunday that leaders discussed areas of cooperation between the two OPEC-member countries and ways to promote bilateral ties. Saudi Oil Minister Ali Naimi and Venezuelan Oil Minister Asdrubal Chavez were also at the meeting.

Oil prices have plunged more than 55 percent since June to less than $50 a barrel, placing a severe strain Venezuela. Saudi Arabia, OPEC's largest oil producer, has refused to cut production despite willingness to do so by Venezuela and others.

Saudi Arabia has strong financial reserves to weather lower oil prices, but Venezuela's cash-strapped is among the cartel's most vulnerable.