Russian Energy Minister Alexander Novak held a meeting with foreign and oil ministers of Venezuela and Ecuador in Moscow Thursday to discuss global oil prices, a Russian Energy Ministry spokesperson said.
"It has been a very positive meeting. We will contine to promote cooperation in the area of with with Russia and Venezuela.” Patiño said following the meeting.
Both Venezuela and Ecuador are interested in attracting Russian companies, including oil major Rosneft, for oil projects.
Last December, Ecuadorean and Russian officials signed a memorandum of understanding on exploring future investments in the Andean nation's hydrocarbons sector.
Similarly, in November of 2014, Rosneft signed a contract with Venezuelan state-owned oil company PDVSA for the purchase of 1.6 million tons of oil and 9 million tons of petroleum over five years.
"We all know that oil is being used as a instrument of political pressure … Therefore our countries are seeking to look for a joint solution to resolve the current situation,” Venezuelan Foreign Minister Delcy Rodríguez stated.
Global oil prices started to plunge in June 2014 after their peak of US$115 a barrel. As crude oil output increased, the OPEC cartel of the world's largest oil producers decided last November not to cut their production, causing prices to nosedive.
This drop in oil prices alarmed Russia, Venezuela and Ecuador, where oil revenues account for a substantial portion of annual budgets.
Ecuador and Venezuela are also the only two South American members in the Arab-dominated OPEC (Organization of the Petroleum Exporting Countries).
Bilateral Relations: Ecuador and Russia
Relations between Ecuador and Russia have also improved dramatically in recent years, resulting in sharp rise in trade. Ecuador is one of Russia's main partners in Latin America.
In 2014, Ecuadorean exports reached US$1.5 billion. Ecuador is a leading supplier to the Russian market of bananas and fresh flowers. Russia, in turn, supplies Ecuador oil and oil products, ferrous metals and mineral fertilizers.
Bilateral Relations: Venezuela and Russia
Venezuela and Russia have strengthened ties in the wake of U.S. imposed sanctions particularly in the area of military, technical, energy, industrial cooperation and housing construction.
Venezuela, after Brazil, is Russia's second largest trading partner in Latin America.
Trade between the two countries reached US$2.4 billion in 2013, according to figures released by the Russian government.
The Russian Defense Minister Sergei Shoigu, who is currently on a three-day Latin American tour, met with Venezuelan President Nicolas Maduro Thursday to discuss military-technological cooperation issues.
Russia has now become the main supplier of weapons to Venezuela. The cooperation in this sphere is based on an bilateral agreement signed in May 2011 in Moscow.
The U.S. State Department recently added four Russian and various Venezuelan weapons companies to its sanctions list, which prohibits U.S. government bodies from signing import contracts for products or technologies, sales of weapons, or providing assistance to the companies that have been included in the list.