TheNewsRoom | Venezuela, Iran back OPEC oil cuts

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Venezuela, Iran back OPEC oil cuts

January 14, 2007

In a move designed to protect prices in an over-suppied market, Venezuela and Iran have agreed to back cuts to OPEC oil output. The decision was made during a visit by Iranian president Mahmoud Ahmadinejad to the Venezuelan capital Caracas. The trip is part of a drive by the countries to develop closer energy and development ties. Both Ahmadinejad and Venezuelan leader Hugo Chavez have been vocal in their resistance to the United States.