Posted on 05/28/2015 2:49:31 PM PDT by Oldeconomybuyer
Venezuela's oil output may double in the coming years, after the government secured US$14 billion in new Russian investment Wednesday.
Most of the Russian investment will go towards improving output in the Orinoco Belt: a strip of Venezuela's north east that is believed to hold the world's largest proven oil reserve.
The deal is the latest in over 250 bilateral agreements between Russia and Venezuela, mostly in areas including technology, construction and oil.
Earlier Wednesday, Russia's foreign minister Sergey Lavrov expressed “solidarity” with Venezuela in the face of opposition destabilization.
“We have confirmed solidarity with the people of Venezuela and our firm support for the policy of the government of President Maduro aimed at preventing destabilization of the situation,” Lavrov said.
(Excerpt) Read more at telesurtv.net ...
Who’s going to buy it and at what price? Lots of oil producing countries are pretty much flooding the world with oil.
Fine with me.
Maybe they will be able to afford some toilet paper.
From 1 barrel per day up to 2 barrels per day. /s
and what cut is Russia expecting?
I thought they needed higher prices. Wasn’t it dure to oil plummeting that destabilized Venezuela? Last I heard President Maduro’s days were numbered.
Putin to the rescue it seems.
Russia has no reason to help Caracas increase oil production.
The answer is China, and the reason is because they already own it. It has been used as collateral for the loans China has been giving Venezuela for the past couple of years.
I think this is an admission that Venezuela is no longer has the knowledge and skills to maintain their oil industry. They have been using it as a political jobs program for so long nobody remembers how to drill a hole or maintain a ship. Russian and China now own Venezuela, the citizens just live there.
'Cause Russian support for the Cuban economy was such a great success.
When South American countries found themselves in that situation back in the 19th century an American invasion was sure to follow. They used to call the Marines "State Department troops".
Unlimited access to Venezuelan seaports and airfields for Russian military vessels, submarines, and bombers.
Pump it up...
But isn’t China’s economy on the skids?
Lagovan roofing asphalt was once the most sought after product for shingles made in the US. This was a left over product from refining the Orinoco Crude. It was shipped into Mobile and east coast ports for decades, then redirected by Hugo to China who paid the Vens less for it.
Genius !
“Unlimited access to Venezuelan seaports and airfields for Russian military vessels, submarines, and bombers. “
That’s exactly what this is. They are buying access to Venezuela’s real estate.
Russians? Don’t think so. They want less oil available on the market, not more.
“But you’re already losing $30/barrel!”
“We will make it up by doubling the production!”
(Oldie but goody)
that would figure
“Russian and China now own Venezuela”
A huge navy base will be a good use of China’s riches.
With our inevitable decline someone is going to have provide security in the Caribbean and western Atlantic.
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