Chinese President Xi Jinping and Venezuelan President Nicolas Maduro wave during a welcome ceremony in Beijing on Friday. | AP CARACAS – Venezuelan President Nicolas Maduro said Saturday he had new commitments from Beijing on funding for the oil industry on which crisis-hit Caracas relies. Oil output is the main generator of Venezuela’s income but has fallen to its lowest level in three decades, with the South American country’s state-led economy in free-fall. Analysts blame years of neglect during which state oil firm PDVSA’s infrastructure became rundown and exploration was curbed, while oil revenues were used to plug the fiscal deficit. Now, however, “there are financing commitments to increase oil production, gold production as well as investment in more than 500 development projects within Venezuela,” Maduro told Venezuelan state television VTV from China, his country’s main creditor. Maduro began a visit on Friday seeking Beijing’s help for the collapsed […]