Latin America countries call for oil price stability

Latin America's oil-producing countries on Friday called on their global counterparts to help shore up and stabilize crude prices.

Gathered at the headquarters of the Union of South American Nations in Ecuador's capital Quito, representatives from Ecuador, Colombia, Bolivia, Venezuela and Mexico made a joint declaration calling for efforts to stabilize the world oil market and to improve prices for the benefit of oil-producing and consuming countries.

They also analyzed the currently depressed oil market and forged a common regional position prior to an meeting of the Organization of Petroleum Exporting Countries slated for April 17 in Doha, Qatar.

Participants at the meeting agreed that Latin America and the Caribbean region, one of the world's largest oil producers, needs to improve coordination between its oil industries.

"The delegates agreed on the need to establish a mechanism for dialogue and integration in the region to share and publish information on hydrocarbons, reserves, production, demand and inventories," the declaration said.

Representatives attending the meeting included Ecuadorian Vice President Jorge Glas, Foreign Minister Guillaume Long, and energy ministers or officials from the other four countries.

Excess production worldwide has caused the crude oil price to plunge to below 40 U.S. dollars a barrel, devastating the state budgets of oil exporting nations.