Russia is expecting a visit from Venezuelan President Nicolás Maduro as the two oil producers deepen their cooperation and Russian companies look to invest more in the South American country. This is what President Vladimir Putin’s oil manager said this Monday (16).
Venezuela has the largest proven oil reserves in the world and Russia is the world’s second largest oil exporter. A source familiar with the plans told Reuters on condition of anonymity that Maduro’s visit would take place by the end of the year.
There was no immediate comment from Caracas.
Russian Deputy Prime Minister Alexander Novak highlighted the importance of Russian oil cooperation with Venezuela, one of the five founding members of the Organization of Petroleum Exporting Countries (OPEC).
“We note the importance of continuing joint work to stabilize the global energy market, including in the OPEC+ format,” Novak said at a meeting of a Russia-Venezuela intergovernmental commission in Moscow.
Novak said these efforts are “especially important in the context of attempts by Western countries to use demand for energy resources as an instrument of political pressure.”
Russia describes Venezuela as an important Russian partner in Latin America and says it is deepening ties with other powers after the West imposed sanctions against Russia and Russian companies over the war in Ukraine.
“Our supportive approach is a determining factor in ensuring a healthy balance of supply and demand in the oil market, maintaining the sector’s investment attractiveness and combating speculative sentiment,” said Novak.
Russian oil and gas joint ventures in Venezuela exceeded planned production by 16% in the first seven months of this year, Novak said.
Russian companies, he said, have expressed interest in modernizing and building energy facilities, transportation equipment and helping to digitalize Venezuela’s oil and gas sector.
See also: Maduro says he will send humanitarian aid to Gaza
Source: CNN Brasil
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