CARACAS, Oct. 8 (Xinhua) -- Venezuelan President Nicolas Maduro on Sunday stressed the need for a "new formula" to fix crude prices, expressing hopes that the measure could be adopted at the next summit of the Organization of Petroleum Exporting Countries (OPEC).
OPEC leaders are expected to meet at the end of this year or the start of next year.
Speaking during his regular weekly broadcast on state-run VTV, Maduro said he discussed the issue at an Oct. 4 gathering in Moscow with "25 ministers from the world's oil and gas producing countries."
Participants had a "very good, very frank conversation about the new formula for fixing crude prices in the oil market, which I have launched into debate," said Maduro.
He said he was confident that leaders at the OPEC gathering will "discuss and decide on a new formula."
"I have already floated a new formula, a preliminary proposal, and I hope, over the next few weeks and months, to perfect it, to receive proposals, listen to those who disagree and to those who agree -- a free, creative, integrative debate," said Maduro.
In late 2016 in Vienna, OPEC members agreed to scale back output to shore up falling oil prices.
