Venezuela's Chavez calls for fix oil price

CARACAS, Venezuela, Nov. 25 (UPI) -- Venezuelan President Hugo Chavez said crude oil prices should be set at a fixed price in the wake of recent oil price decreases.

Chavez said that prices should be set between $80 and $100 a barrel, El Universal reported Tuesday. Prices closed Monday at less than $54 a barrel.

Chavez said that price fixing would stabilize the market and prevent the sharp spikes and declines in the petroleum market that marked the last year.

Chavez has also called for OPEC to slash production by 1 million barrels per day. Earlier this month, the international oil cartel cut production levels by 1.5 million barrels per day in hopes of stemming falling oil prices.