Russia and Venezuela Aim to Revitalize Oil Production to Previous Levels

In a move to rekindle their oil industries, Russia and Venezuela have set ambitious goals to return oil production to figures recorded a few years ago. This initiative was disclosed by Venezuelan Foreign Minister Yván Gil during a revealing interview with Sputnik News on November 19, 2023.

Restoring Former Oil Production Rates

Venezuela, home to some of the world’s largest oil reserves, has seen its oil industry undergo significant challenges in recent years. Collaboration with Russian companies has been a cornerstone of its strategy to sustain and boost production. In the recent interview, Foreign Minister Gil specified that Venezuelan oil cooperation with Russia had achieved production levels ranging between 120,000 and 150,000 barrels per day. These rates, however, have been impacted by international sanctions. Gil stressed that the initial phase is to return to these levels of production that were achieved with Rosneft, a major Russian energy company.

The second phase of this plan is even more ambitious. Gil revealed intentions to “double that production in the coming years.” To achieve this, it has been agreed upon to rejuvenate the negotiations and the active involvement of Russian enterprises in the joint ventures currently managed under the auspices of Petróleos de Venezuela (PDVSA).

Venezuela’s Diplomatic Perspectives on Middle Eastern Peace

In addition to discussing oil production matters, Yván Gil also touched upon Venezuela’s diplomatic stance regarding Middle Eastern conflicts. He stated that Venezuela would back any measures adopted by the Organization of the Petroleum Exporting Countries (OPEC) that aim to facilitate a peace dialogue in the Middle East, particularly between Palestine and Israel.

The Venezuelan diplomat expressed his condemnation of the hostilities in Gaza, describing them as “crimes against humanity” and flagrant violations of international agreements, including the Geneva conventions. According to Gil, these actions amount to a “process of annihilation” and “genocide” perpetuated by the State of Israel.

Expanding Oil Partnerships and Diplomatic Efforts

The collaboration between Venezuela and Russia on oil production symbolizes a strategic partnership aimed at not only bolstering their economies but also at showcasing their capabilities to overcome international pressures and sanctions. As Venezuela stands firmly on its diplomatic approaches to conflicts abroad, the country signals its active engagement in global affairs beyond its own borders.

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The efforts by Russia and Venezuela convey a clear message of resilience and determination to reclaim their positions in the global oil market, while concurrently showcasing their commitment to pursuing diplomatic solutions to international conflicts.