Venezuela's Chavez: Russia May Coordinate Cuts With OPEC

President Hugo Chavez suggested Tuesday that Russia could soon coordinate oil output cuts in line with the Organization of Petroleum Exporting Countries, or OPEC, in a bid to shore up falling prices. 'We're talking with Russia so they can coordinate future cuts with OPEC,' Chavez said in a televised address from Ecuador, adding he would give no more details on the issue. Chavez also suggested that a price of $70 or $80 a barrel is enough for Venezuela to comfortably move forward with its spending plans. 'A price of $70 or $80 a barrel is enough,' he said, and forecast that prices should settle at some point in the $80- to $100-a-barrel range. Venezuela, a founding member of OPEC, has proposed the cartel adopt once more a price band that keeps prices moving between $80 to $100 a barrel.