Russia and Venezuela Want to Restore Daily Oil Production Levels
Russia and Venezuela want to restore the previous level of oil production per day, Foreign Minister of the Republic Ivan Gil Pinto said in an interview with RIA Novosti.
“Joint oil production in Venezuela in recent years has reached 120-150 thousand barrels per day. Of course, the sanctions regime has greatly affected production, the goal at the first stage is to restore the level that we had just a couple of years ago with the Rosneft company,” which now has a different work scheme,” the agency’s interlocutor said.
The minister emphasized that the parties agreed to resume negotiations and the participation of Russian companies in joint ventures within the framework of the agreement that the Venezuelan PDVSA has.
“We can say that in the first stage we are striving to restore the production level that we had a couple of years ago. The second goal is to at least double this production level,” added Ivan Gil Pinto.
As Deputy Prime Minister Alexander Novak previously reported, Moscow and Caracas have outlined ways to cooperate and increase oil production. According to him, joint ventures between Russia and Venezuela exceed production targets by 16 percent. Last year, joint production amounted to 35 million barrels, and this year there will be more.
