US depends on Venezuelan oil, unable to stop importing overnight – Ambassador

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Carlos Rafael Faria Tortosa, Venezuelan Ambassador to Russia

(Sputnik) – Venezuela is not satisfied with its quota for oil production under the Vienna agreement of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers and is currently taking measures needed to restore its level of oil production, Venezuelan Ambassador to Russia Carlos Rafael Faria Tortosa told Sputnik.

Washington depends on Venezuela’s oil and will be unable to stop importing oil from the country right away without first finding another source, Venezuelan Ambassador to Russia Carlos Tortosa told Sputnik.

Washington has repeatedly stated that new sanctions could be imposed on Caracas, specifically targeting the country’s oil industry.

In May, Washington banned US citizens and legal bodies from engaging in transactions with debts and equities related to Caracas or to state-owned oil and natural gas company PDVSA.

The Venezuelan Ambassador to Russia wend on saying that the US sanctions against Venezuela in the oil field if imposed, will not affect the country’s cooperation with Russia.

He also expressed hope that the work of the Russia-Venezuela high-level intergovernmental commission would enhance the existing cooperation between the two countries.

Earlier in the week, Washington pledged to take several steps to increase its pressure on the Venezuelan government. The United States has stated on numerous occasions that it does not rule out the imposition of new sanctions against the country, in particular, in the oil industry.

The United States has long been opposing policies of Venezuelan President Nicolas Maduro and has introduced numerous sanctions against Caracas to counter them.

According to Carlos Rafael Faria Tortosa, during Venezuelan President Nicolas Maduro’s visit to China, a very important issue was discussed relating to financial assistance for Venezuela’s oil production.

The political crisis in the country has been complicated by the economic situation being affected by a global drop in oil prices and US sanctions imposed after Washington blocked US investors from buying Venezuelan debt.

The issue of possible establishment of a Russian military base in Venezuela has not been considered so far, Venezuelan Ambassador in Russia Carlos Rafael Faria Tortosa stated.

According to the diplomat, the intergovernmental commission is likely to meet in late October — early November.

The last meeting of the Russian-Venezuelan intergovernmental commission was held in the Venezuelan capital of Caracas in April.