Venezuela Looks To Turkey And Saudi Arabia To Boost Oil Industry
(MENAFN- The Rio Times) 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.
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.

Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research

- Stonehaven Circle Marks 13Th Anniversary With Hadrian Colwyn Leading Calvio Ailegacyx Innovation
- Bitmex Launches Alpha Showdown Trading Competition Featuring 3 BTC Prize Pool And Additional Rewards
- Thrivestate Launches“Fly Before You Buy” Program, Enabling International Buyers To Explore Dubai Before Committing
- 1Inch Becomes First Swap Provider Relaunched On OKX Wallet
- Ozak AI Partners With Pyth Network To Deliver Real-Time Market Data Across 100+ Blockchains
- Xfunded Expands In Dubai, Strengthening Collaborations With Trading Influencers Across Europe
Comments
No comment