Russia, Venezuela to resume, double oil production

Venezuelan Foreign Minister Yvan Gil Pinto revealed, in a statement to Sputnik, that Russia and Venezuela are poised to revive and elevate their collaborative efforts in the oil sector, Report informs referring to Al Mayadeen.

The two countries have agreed to restore the previous level of daily oil production and subsequently double it.

"We have agreed to resume negotiations and the participation of Russian companies in joint ventures within the framework of the agreement that [Venezuelan state-run oil company] PDVSA has. We can say that at the first stage, we are striving to restore the level of production that we had a couple of years ago. The second goal is to increase this level of production at least twice," the Venezuelan Foreign Minister said.

He underscored the significance of resuming talks and rekindling partnerships, indicating a strategic move towards bolstering oil production.

The joint oil production between Russia and Venezuela has reached 120,000-150,000 barrels per day in recent years.