State oil companies PDVSA and Rosneft meet in Caracas

Representatives from the state oil companies of Venezuela, Petróleos de Venezuela (PDVSA), and of Russia, Rosneft, met in Caracas on 20 November 2016 to strengthen their cooperation agenda and develop their joint ventures. Rosneft has a minority stake in five joint ventures with PDVSA that involve crude oil located in the Orinoco Oil Belt and the western coast of Lake Maracaibo, including Petro Miranda, Petro Victoria, Petro Perijá, Petro Monagas, and Boquerón (Panorama). Following the meeting, the Venezuelan government stated in a communiqué the companies analyzed petrochemical projects in Venezuela and explored new areas for cooperation in the trade and delivery of crude and other products, without offering specific details (La Patilla). Venezuelan President Nicolás Maduro stated that PDVSA is seeking to increase oil production with Russia, while simultaneously calling on all oil exporting nations to reduce their production levels to stabilize the global price of oil (El Nacional).