Caracas, Venezuela ? Venezuela’s Hugo Chavez and Iran’s Mahmoud Ahmadinejad – fiery anti-American leaders whose moves to extend their influence have alarmed Washington – said Saturday they would help finance investment projects in other countries seeking to thwart U.S. domination.

The two countries had previously revealed plans for a joint $2 billion fund to finance investments in Venezuela and Iran, but the leaders said Saturday the money would also be used for projects in friendly countries throughout the developing world.

“It will permit us to underpin investments … above all in those countries whose governments are making efforts to liberate themselves from the (U.S.) imperialist yoke,” Chavez said.

“This fund, my brother,” the Venezuelan president said, referring affectionately to Ahmadinejad, “will become a mechanism for liberation.”

“Death to U.S. imperialism!” Chavez said.

Ahmadinejad, who is starting a tour of left-leaning countries in the region, called it a “very important” decision that would help promote “joint cooperation in third countries,” especially in Latin America and Africa.

Venezuela's President Hugo Chavez, left, and his Iranian counterpart, Mahmoud Ahmadinejad, meet Saturday in Caracas, Venezuela, in this image released by the Miraflores Press Office.

Iran and Venezuela are members of the Organization of Petroleum Exporting Countries, and Chavez said Saturday that they had agreed to back a further oil production cut in the cartel to stem a recent fall in crude prices.

“We know today there is too much crude in the market,” Chavez said. “We have agreed to join our forces within OPEC … to support a production cut and save the price of oil.”

OPEC reduced output by 1.2 million barrels a day in November, then announced an additional cut of 500,000 barrels a day, due to begin Feb. 1. Dow Jones Newswires reported Friday that OPEC is discussing holding an emergency meeting later this month to reduce output by another 500,000 barrels a day. Venezuela and Iran have been leading price hawks within OPEC.