Russian President Dmitry Medvedev and visiting Venezuelan President Hugo Chavez on Tuesday signed four oil cooperation agreements between the two countries on Tuesday.
The deals between Russian oil companies and Venezuela's state oil and gas company agree on a joint study of the Ayacucho-2 area in the Orinoco oil belt in Venezuela and are aimed at boosting the energy cooperation between the two countries.
After signing the deals, Medvedev said the talks between the two countries would give "another powerful impetus" to bilateral relations and added that Russia-Venezuela cooperation contributes to global energy and regional security as well.
Chavez also welcomed the talks and described them as an excellent opportunity to promote and improve the relations between the two countries and to "open up new horizons".
Chavez called for greater cooperation between Russia and Venezuela in oil and defense fields and said that it would "guarantee Venezuela's sovereignty, which is currently being threatened by the United States."
Chavez arrived in Moscow on Tuesday for "strategic" talks on political, economic and defense cooperation between the two countries and is expected to meet with Russian Prime Minister Vladimir Putin later.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.