Maduro and Rouhani plans to hold oil summit in early 2017

Venezuelan President Nicolas Maduro said he had agreed with Iranian President Hassan Rouhani to call for a summit of heads of state from OPEC and non-OPEC countries in the first quarter of next year to decide on strategy for the oil market.

"I told President Rouhani, let's jointly call for an OPEC summit of presidents, heads of state and governments in the first quarter of 2017 to establish a new mechanism for markets and oil prices and we agreed to do that, inviting non-OPEC countries and President Putin," Maduro said in a televised broadcast.

Madurodid not provide further details, Reuters reports.