Venezuelan President Nicolas Maduro has arrived in Moscow, Russia for this week’s Energy Week festival. Speaking on Venezuelan television, Maduro said he will meet with Russian President Vladimir Putin about bilateral financial, technological, agricultural, commercial and military cooperation.
He added that he is looking forward to meeting with various heads of states, investors and companies in Moscow. Later on, he will travel to St. Petersburg, where the Gas Exporting Countries, GEC, meets. Venezuela hopes to strengthen cooperation and development between Russia and Trinidad and Tobago, as well as visiting nations from the Oil Producing and Exporting Countries, OPEC, that will attend meetings in St. Petersburg later this week.
Russia and Venezuela are members of the OPEC sub-committee that determines its oil production and pricing. It’s rumored that OPEC countries will soon reduce oil production by 1,758,000 barrels per day in order to drive up international oil prices, which fell from US$110 in the 2010-2012 timeframe to US$20 in 2014.
In addition, Venezuelan Minister of Oil Eulogio Del Pino met with Andrey Fick, the Director General of Gazprom International, a Russian hydrocarbon extraction company. The leaders met in Moscow to discuss the possibility of exploring natural gas in Venezuela.
Del Pino tweeted that the ministry is “exploring new business opportunities with Gazprom. Strategic Alliances!” Venezuelan authorities say that the country potentially houses over 18 billon square meters of natural gas within its borders, including maritime territory. This is one of the world's highest natural gas deposits.
The minister also met with Trinidad and Tobago representative Franklin Khan in Moscow to discuss the exploration of natural gas in the offshore Loran-Manatee territory that the two countries border. These discussions began in 2013 and representatives are confident they will reach agreements on how to explore the area in the next two weeks.