He made the remarks in a phone conversation with his Iranian counterpart Hassan Rouhani on Thursday evening.

The agreement reached between oil producing countries at the 171st (Ordinary) OPEC meeting was a victory for the member countries and its positive results will appear in the coming months, Maduro added.

The Venezuelan president thanked Iran's support and said Caracas is committed to develop cooperation with Tehran.

The oil producing countries should not permit the oil brokers to determine the prices in the market, he noted.

Maduro said that the oil producing countries should continue cooperation to reach fair price for the crude oil market.

He underlined continuation of coordination between Iran and Venezuela for stabilization and increase of oil price.  

Members of the Organization of the Petroleum Exporting Countries (OPEC) agreed on November 30 to cut the groups crude oil production by 1.2mbd in their November 30 meeting in Vienna.

Besides it was proposed that non-OPEC supplies should agree to cut their output by 0.6mbd in order to tackle the oil price slump.

Two months ago in Algiers an agreement was outlined based on which the OPEC and non-members were obliged to cut their productions in order to stabilize the market.