Russia is pursuing a strategy to lift oil output through projects it backs in Venezuela, while local companies urge Russian firms to keep operating in the domestic market. This stance was outlined by Deputy Prime Minister Alexander Novak during a broadcast on the Rossiya-1 television channel.
Novak emphasized that Russia’s goal is to raise production, ensure timely delivery of volumes, and strengthen the sale of products within the projects where Russian participants are involved. He noted that Venezuelan partners not only approve but actively want continued Russian participation in their oil sector, underscoring the mutual interest in expanding bilateral cooperation.
According to Novak, Russian firms remain the sole prominent foreign actors in Venezuela’s commodity markets. The scope of collaboration extends beyond oil production; there are clear plans to broaden ties into the gas segment as well, signaling a more diversified energy partnership in the years ahead.
He pointed to five joint ventures currently in operation, all focused on oil production. Looking forward, the relationship is set to broaden, with two additional projects in the gas industry on the horizon. This expansion signals a strategic shift toward greater integration of resources and capabilities across both energy sectors.
Meanwhile, regional and global observers note that even with easing sanctions, a sharp surge in Venezuelan oil supply is unlikely in the near term. Market dynamics remain constrained by lingering policy and technical hurdles. In particular, Chevron’s recent authorization to resume certain imports from Venezuela has been followed by the need to complete several technical tasks before operations can fully normalize, illustrating the careful, incremental pace of the current supply adjustments.
These developments illustrate a broader pattern in the Americas where energy ties are evolving amid geopolitical shifts and regulatory changes. The ongoing dialogue between Moscow and Caracas points to a calibrated strategy that seeks to maximize output, stabilize revenues, and extend a durable cooperative framework across multiple energy vectors, including both liquid hydrocarbons and natural gas. Observers expect continued emphasis on reliability, compliance with international standards, and transparent coordination with regional markets to ensure steady access to energy resources for consumers in North America and beyond.