Venezuela Looks to Turkey and Saudi Arabia to Boost Oil Industry

Venezuela’s top oil official, Delcy Rodríguez, met with leaders from Turkey and Saudi Arabia at a major OPEC event in Vienna. These talks aimed to build stronger business ties in oil and gas, as Venezuela searches for new partners to help its struggling energy sector.

Venezuela has the world’s largest proven oil reserves, but its production has dropped sharply. A decade ago, the country pumped over 2 million barrels of oil each day.

Now, official figures show less than 800,000 barrels per day, mainly due to years of underinvestment and tough international sanctions.

Turkey’s energy minister, Alparslan Bayraktar, and Rodríguez discussed ways to work together on oil exploration, production, and trade.

Turkey wants to buy more energy from new sources to support its growing economy. For Venezuela, this partnership could mean more investment and a chance to sell oil outside traditional markets.

Rodríguez also met with Saudi Arabia’s energy minister, Abdulaziz bin Salman Al Saud. They talked about keeping oil markets stable through OPEC and OPEC+, a group that helps set production levels and prices.

Saudi Arabia’s close cooperation with Venezuela helps both countries influence the global oil market. Venezuela’s economy relies heavily on oil exports.

The International Monetary Fund expects Venezuela’s economy to grow about 3% in 2025, but only if it can attract new deals and overcome technical and political hurdles. These meetings show how Venezuela is working to survive in a tough market.

By teaming up with Turkey and Saudi Arabia, Venezuela hopes to revive its oil industry and bring in much-needed cash. This matters because changes in these partnerships can affect oil prices and economies around the world.

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