On Wednesday Venezuelan President Nicolas Maduro announced that he had reached an agreement with Russia's top oil producer Rosneft in which $14 billion would be invested in Venezuela's oil and gas production.

After meeting with Rosneft chief executive Igor Sechin, Maduro stated that this new investment would help Venezuela to double its oil production but offered few details beyond this. As reported by the BBC, Rosneft stated that the amount of $14 billion would make up Rosneft's total investment in current and future projects in the Latin American country.

Venezuela is currently suffering from massive economic problems and is on the cusp of hyperinflation; an estimated 96 percent of the country’s export revenue is due to the sale of oil.

This oil cooperation between Russia and Venezuela is a sign of a strengthening relationship between the two powers. On Wednesday Russia's foreign minister Sergey Lavrov expressed a “solidarity” with Venezuela in the face of the the country’s current problems with a vocal right wing opposition.

As reported by the state owned media source Telesur, Lavrov said, “We have confirmed solidarity with the people of Venezuela and our firm support for the policy of the government of President Maduro aimed at preventing destabilization of the situation.”

Lavrov praised Maduro for what he described as the “organization of nationwide dialogue with the constructive opposition in order to resolve any emerging problems within the constitutional framework and without any foreign intervention.”

As noted by Fox News Lavrov's words may be seen as a provocation to the United States, as back in March President Barack Obama froze the U.S. assets of seven high-ranking Venezuelan officials who are seen as responsible for brutally suppressing anti-government protesters last year. He denied them visas as well.