A Venezuelan oil joint venture with a state-owned Chinese company accounting for around 10 percent of the crisis-stricken OPEC member country’s output has nearly doubled production in the past seven months, a unit of state-owned PDVSA said on Thursday. Rising production of heavy crude at Sinovensa, owned by PDVSA subsidiary Venezuelan Petroleum Corporation (CVP) and China National Petroleum Corporation (CNPC), could slow a freefall in Venezuela’s output which has seen production drop to the lowest levels in nearly 70 years. Sinovensa, which is located in the Orinoco oil belt in southern Venezuela and is the second-largest part foreign-owned oil operation, now produces some 130,000 barrels per day (bpd), CVP […]