Venezuelan President Nicolas Maduro said he spoke to Saudi Arabia’s king about boosting oil prices and is reaching out to the heads of state of fellow producers Russia, Iran and Qatar as his country reels under the crude crash. Venezuela, holder of the world’s biggest oil reserves, wants to stabilize prices that fell to a four-month low last week, Maduro said on state-run television Tuesday night. The longer-term goal is crude at around $70 a barrel, he said. Cash-strapped Venezuela has seen its economy implode over the past two years as global crude prices declined, with shortages of food, medicine and other basic goods fanning public discontent with the president. Alberto Ramos, an economist at Goldman Sachs Group Inc., said in a July 22 note that the country has fallen into a “depression” with signs of hyperinflation. “The price of oil, for necessity, can and needs to rise to […]