Venezuela has signed a deal to provide the Palestinian Authority with oil and diesel fuel.

The South American nation signed the deal on Friday in Caracas with PA President Mahmoud Abbas.

Venezuelan petroleum company PDVSA is expected to send 240,000 barrels of oil and diesel to the PA.

Venezuelan President Nicolas Maduro said: “We welcome the Palestinian people and the Arabs.

“Our people supports your right to a land of prosperity. Today, Petro Palestine has been born.”

Mr Abbas, who is currently on a three-day visit to Latin America, thanked Mr Maduro for providing them with a fuel source outside Israel.

He said: “Thank you Venezuela for helping to break the monopoly that Israel has over our economy.

“Thank you Venezuela for responding to our needs.

“Thank you Venezuela for being available to continue to lend the Palestinian people more support in their fight.”

No date has been given for the shipment.

Mr Abbas has also requested that Palestine be granted observer status in three South American organisations: the Union of South American Nations, the Bolivarian Alliance for the Peoples of Our America and the Community of Latin American and Caribbean States.