GENERICO.ruEconomicsRussia and Venezuela want to restore daily oil production levels

Russia and Venezuela want to restore daily oil production levels

MOSCOW, November 19. 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.

”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 at the first stage we strive to restore the level production, which we had a couple of years ago. The second goal is to increase this level of production at least twice,” added Ivan Gil Pinto.

As Deputy Prime Minister Alexander Novak previously reported, Moscow and Caracas have outlined the path cooperation and increased 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.
Read the full text of the interview >>>


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