Venezuelan President Nicolas Maduro has arrived on October 3, 2017, in Russia for this week’s Energy Week festival. Speaking on Venezuelan television, Maduro said he will meet with Vladimir Putin about bilateral financial and technological cooperation.
Maduro added that he is looking forward to meeting with various heads of states, investors and companies in Moscow.
Later on, he will travel to St. Petersburg, where the Gas Exporting Countries, GEC, meets.
Russia and Venezuela are members of the OPEC sub-committee that determines its oil production and pricing.
It’s rumored that OPEC countries will soon reduce oil production by 1,758,000 barrels per day in order to drive up international oil prices, which fell from $110 in the 2010-2012 timeframe to $20 in 2014.
In addition, Venezuelan Minister of Oil Eulogio Del Pino met with Andrey Fick, the Director General of Gazprom International.
The leaders met in Moscow to discuss the possibility of exploring natural gas in Venezuela.
Del Pino tweeted that the ministry is «exploring new business opportunities with Gazprom. Strategic Alliances!»
Venezuelan authorities say that the country potentially houses over 18 bln square meters of natural gas within its borders, including maritime territory.
This is one of the world's highest natural gas deposits.
