MercoPress. South Atlantic News Agency

Floor price for oil: 50 US dollars says Chavez

Oil prices should have a floor of 50 US dollars per barrel and crude exporting countries will coordinate efforts to prevent it from breaking that threshold said Venezuelan president Hugo Chavez.

Oil prices have dropped an average 25% since last July's peak.

"We're determined that the oil price does not go through the 50 US dollars floor and with this in mind we're in close contact with Russia and OPEC members and other non OPEC large producers", Chavez told foreign correspondents during a press conference in Caracas Wednesday.

On Tuesday Venezuela's Energy minister Rafael Ramírez described 60 US dollars per barrel as a "fair price".

"Things have changed in the oil market, there's a 60 US dollars per barrel level for the West Texas Intermediate, (the US crude reference), which we consider a fair price", said Ramirez.

WTI closed Wednesday at 60.16 US dollars per barrel and Brent crude (European reference) climbed to 59.70 US dollars