Venezuela, Saudi Arabia seek closer energy ties

Thursday, August 9, 2018

Venezuela and Saudi Arabia have vowed to forge closer bilateral ties as they seek to capitalize on higher oil prices, according Venezuelan state crude producer PDVSA.

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Saudi Arabia's ambassador to Venezuela, Saad Bin Abdullah al Saad, met with Venezuelan oil minister Manuel Quevedo (pictured) in Caracas this week to discuss joint energy initiatives, PDVSA said in a statement.

"The meeting served to reaffirm the brotherhood between both nations and allowed [us] to evaluate immediate work plans for projects of common interest in the energy field," it said.

Despite boasting the largest oil reserves on the planet, Venezuela has seen crude production dip to its lowest level in decades, throttled by endemic corruption and international sanctions.

Saudi Arabia holds about one fifth of the world's oil reserves and is the second-biggest producer behind the United States.

Brent crude, the global crude oil benchmark, was trading at around US$72/b on Thursday, up from US$52/b in August 2017.