Venezuelan President cum dictator Nicolas Maduro has announced that his nation is set to increase its oil exports to China to a staggering one million barrels per day (bpd) over the next months. Returning from a trip to China, Venezuela’s greatest foreign financier, Maduro also said that each nation plans to invest “around five billion dollars” into this initiative by August of next year. Additionally, Maduro announced that he sold nearly 10 percent of shares in Sinovensa, a joint venture partly owned by state-owned China National Petroleum Corporation (CNPC), to an undisclosed Chinese oil company. This will bring China’s stake in the company to a total of 49 percent. Maduro said that the sale will play a role in his plan to invest $5 billion into Chinese projects in the effort to double oil production and bump exports to China to a million bpd. Venezuela’s oil production is currently […]