Ukraine lodges protest against Syria’s recognition of CrimeaWorld October 24, 13:49
Diplomat: Russia is ready for 'asymmetric response' to tougher US sanctionsRussian Politics & Diplomacy October 24, 13:25
Putin supports plans of OSCE armed mission in Ukraine — KremlinRussian Politics & Diplomacy October 24, 13:22
Kremlin in doubt if separation of Syria opposition from terrorists "is possible at all"Russian Politics & Diplomacy October 24, 13:18
Press review: Moscow sharing Syria intel with Turkey and Russia's defense spendingPress Review October 24, 13:00
Diplomat: Too early to say who attacked Russian Foreign Ministry’s old websiteRussian Politics & Diplomacy October 24, 12:31
Moscow says no prerequisites for Lausanne format meeting before US electionsRussian Politics & Diplomacy October 24, 12:02
Russian-made software supplies to state agencies to double in 2016 — ministerBusiness & Economy October 24, 11:24
Testing on system to shield Russian Defense Ministry from cyberattacks completedMilitary & Defense October 24, 11:18
ST. PETERSBURG, June 16. /TASS/. In response to the ongoing low-price market, despite the recent pick-up, Venezuela has had to alter its oil production focus towards heavy oil, Venezuelan Oil and Mining Minister Euologio del Pino said on Thursday at the 20th St. Petersburg International Economic Forum.
"We are declining the production of the light and medium oil, and increasing the production of heavy oil," del Pino said.
"We are in a situation when we need investment in upgrading the heavy oil (production) to take advantage of the excess of light oil. We are also reactivating our heavy oil capacities in the Caribbean," he added.
Commenting on the ongoing period of low oil prices, del Pino called the current prices a "lose-lose situation" despite the recent pick-up on the crude market.