Russia and Venezuela together have signed a joint contract to increase crude drilling and production of oil in Latin America.
Putin has said that:
“I think we have found the point that helps us survive and launch a rather full, comprehensive economic programme that fully complies with the economic relations between Russia and Venezuela.”
IMF reports that Venezuela’s economy is on the brink of collapse with inflation over the million percent annually.
Russia and China, are the two partners that Venezuela has and they are working together to profit from the oil production in Latin America led by Venezuelan and backed by the two super-powers.