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.
Venezuela has announced plans to increase its oil output by one million bpd following a $5bn investment from Russia. The deal, which will comprise joint ventures between Venezuela's state-owned firm PDVSA and undisclosed Russian companies working in the country, aims to provide increased stability to Venezuela's economy. 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.