Chavez asks Russian president to help hike oil prices

Venezuela’s President has sent Medvedev a letter, asking for Russia's cooperation in raising oil prices to $100 a barrel.

Chavez insisted in his letter to Medvedev that "big oil-producing countries unite," AP reports.

He said Saturday that the letter was delivered by Vice President Ramon Carrizalez, who is expected to visit Moscow on Monday.

Venezuela relies on oil for 93 percent of exports. But world oil prices have slumped 53 percent since their July peak, closing at $69.55 a barrel on the New York Mercantile Exchange on Friday.

The OPEC oil cartel has slashed production by 4.2 million barrels per day since September, to boost prices. Russia and Mexico are also selling less oil.