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 ...
Venezuela needs $117 USD/barrel oil to balance it’s budget, Saudis $106, Nigeria $122, Iran and Algeria $130 and Libya $184! Mexico is slightly off needing $79 crude to balance their budget.
Good read: http://www.bbc.com/news/business-29643612
http://www.worldbank.org/content/dam/Worldbank/GEP/GEP2015a/pdfs/GEP2015a_chapter4_report_oil.pdf
Russia is trying to own Venezuela, lock, stock and oil barrel.
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