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Rosneft Intends to Develop More Oil in Venezuela

OIL

Venezuela intends to increase its crude production with Russian oil company Rosneft, according to Venezuelan Oil Minister Tareck El Aissam.

  • The minister met with Rosneft president Igor Sechin yesterday, stating after they intended "to increase crude oil production and advance new business opportunities".
  • Russian companies operate in Venezuela under five joint ventures with PDVSA, producing around 80,000 barrels per day.
  • Further Russian activity in the country’s energy sector may complicate Washingtons easing stance towards Venezuelan crude exports which are being allowed into the US and Europe under a special license.

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