Analysis: Venezuela, Iran team up on oil

Venezuela and Iran are forging closer oil ties in hopes of reducing their dependence on the United States, inking a $4 billion deal to develop a block of the lucrative Orinoco Reserve in Venezuela.

According to Venezuelan Oil and Energy Minister Rafael Ramirez, production at the Ayacucho 7 block should begin in two years.

The block is believed to hold more than 30 billion barrels of oil, making it one of the largest in the country.

UPI