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Venezuela, Turkey sign oil cooperation deal

Bnamericas Published: Tuesday, December 04, 2018
Venezuela, Turkey sign oil cooperation deal

Venezuelan state-owned oil producer PDVSA said Tuesday it signed a cooperation agreement with Turkish national oil company TPIC as part of a wider plan to fortify bilateral relations.

The announcement followed talks between PDVSA head Manuel Quevedo and Turkey's energy minister Fatih Donmez in Caracas, PDVSA said in a statement. No further details were given about the deal.

On Tuesday, Venezuelan President Nicolás Maduro met with Turkish counterpart Recep Tayyip Erdoğan to discuss planned joint investments of 4.5bn euros (US$5.1bn), Venezuelan state media reported.

Later in the day Maduro boarded a flight to Moscow, where he was due to meet with Russian President Vladimir Putin.

The Venezuelan leader will also travel to Austrian capital Vienna for a meeting of OPEC and non-OPEC members on Thursday.

Last week, PDVSA said it would propose new oil production cuts during the talks to "defend the policy of balance and stability in the global market."

Venezuelan crude production has fallen by almost 1Mb/d since 2016 amid an economic crisis marked by hyperinflation, severe product shortages and a mass exodus of citizens to neighboring countries.

Analysts blame the turmoil on the government's failed policies, while Maduro says the country is the victim of a US-led "economic war."

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