Venezuela has announced that oil producing countries will meet in Vienna next week to discuss stabilizing oil prices.

President Nicolas Maduro said Tuesday Venezuela will go "in search of a new scheme for setting prices," which have plunged by more than 50 percent since 2013.

Venezuela had previously said a technical meeting of Organization of Petroleum Exporting Countries (OPEC) and other oil producers would be held October 21. But this was the first time Vienna was given as the venue.

Maduro has pressed for production cutbacks both by OPEC and non-OPEC countries to turn around prices.

Saudi Arabia, the world's largest oil exporter, has stepped up production to protect against competition from US shale oil production.