Beijing, September 2 (teleSUR-RHC)-- Venezuela will gradually increase its oil production over the next few months with a $5-billion loan granted by China, President Nicolas Maduro announced in Beijing on Tuesday.

Maduro made the announcement during his weekly television program broadcast from the Venezuelan Embassy in Beijing.  Venezuela currently produces 2.8 million barrels of oil per day.  President Maduro said that Venezuela sends 700,000 barrels of oil daily to China, and announced this would be increased shortly to about a million barrels per day.
  
China has emerged as a key ally to Venezuela, signing several funding agreements in exchange for oil supplies.  Last April, the Venezuelan government secured a $5 billion loan from Beijing in support of social and infrastructure projects.

China, which is Venezuela's largest creditor, has loaned Venezuela $46 billion over the last eight years, with $24 billion already paid back.

China is increasingly looking to Latin America to expand its comprehensive strategic partnerships.

According to Chinese government figures, trade between China and Latin America was worth some $240 billion in the first 11 months of 2014, up 1.5 percent from the previous year, with China investing $9 billion in the region in the first six months alone.