Russia and Venezuela to Boost Oil Production

Russia and Venezuela agreed to broaden their oil production cooperation, Russia’s Foreign Affairs Minister Sergei Lavrov told Venezuelan state tv during a visit to Caracas.

• “Venezuela and Russia are countries most affected by the irrational illegal application of unilateral coercive measures,” the Venezuelan FM said.
• While Venezuela is currently receiving temporary sanction relief, the lack of progress on free and fair elections may see that deal fail to be renewed in April, slapping restrictions back on the nation.
• The return of sanctions would cut Venezuela off from global oil markets, forcing collaboration with other sanctioned states like Russia and Iran for investment in its oil industry.
• Russia may also be looking for additional markets to supply its oil to as sanctions and price cap enforcement has constricted its available markets.
• A supertanker, the Ligera, carrying 1.7m bbl of Urals crude, arrived today in Venezuela for the first time in five years.