VENEZUELA & RUSSIA AGREE

Venezuela and Russia have reached an agreement to step up investment and participation of Russian companies in development of Orinoco Belt oil reserves and other projects, Venezuelan President Nicolas Maduro said on Thursday after a meeting with Russian President Vladimir Putin in Moscow, writes TASS.

The press service of the Venezuelan presidential administration cited the president as saying the step was part of a plan to protect the oil market and strengthen the strategic alliance with Russia in the energy sector.

An agreement was also reached on investments in equipment to extract and refine oil.

Venezuela produces three 3 million barrels of oil a day and exports 2.5 million, mainly to the United States and China. It is the world's fifth oil exporter. The country's oil reserves are estimated at almost 300 billion barrels. Most of the reserves are in the Orinoco Belt.

oilandgaseurasia.com