MOSCOW (Sputnik) – The investment is aimed at doubling oil production in the coming years, Maduro said on Wednesday, after a meeting with CEO of Russian oil giant Rosneft Igor Sechin in Venezuela's capital, Caracas.
The agreement concerns the development of the so-called Orinoco Belt — one of the richest oil reserves in the world — and projects in the gas sector, according to Maduro.
Since last summer, global oil prices have drastically dropped due to oversupply in the market. In November, the Organization of the Petroleum Exporting Countries (OPEC) decided to maintain its oil production levels, contributing to a further drop in prices and severe crises in many oil exporting nations, particularly Venezuela.
Russia and Venezuela have set up several joint ventures for the development of oil reserves in Venezuela, which are considered the largest in the world.