Venezuela has announced plans to increase its oil output by one million bpd following a $5bn investment from Russia. Neither the Kremlin nor Rosneft, which is the most likely partner in the oil deal, released anything on the issue. The move comes as the country is struggling with an economic crisis that has seen inflation reach more than 500% in recent months. The two countries also agreed an additional $1bn investment for gold mining projects, while Russia will also export 600,000 mt of wheat to the country next year.
Venezuela has announced plans to increase its oil output by one million bpd following a $5bn investment from Russia. The move comes as the country is struggling with an economic crisis that has seen inflation reach more than 500% in recent months. The two countries also agreed an additional $1bn investment for gold mining projects, while Russia will also export 600,000 mt of wheat to the country next year.