Talks between Hugo Chavez and Colonel Muammar al-Qadhafi on Wednesday focused on increased co-operation on oil production including "social programmes based on oil revenues", a Venezuelan official said.
A member of the Venezuelan delegation said the two leaders also discussed the possibility of providing low-cost fuel to African states.
The Venezuelan leader's visit comes as part of a trip to both Europe and Africa.
The Libyan leader hosted the talks at Bab el-Azizya, his tented quarters close to the capital Tripoli.
"We are against America, the imperialist," Chavez said after dining with al-Qadhafi.
"We don't accept its hegemony. The whole world should unite against America."
His visit comes two days after the US government imposed a ban on arms sales to Venezuela and accused Chavez's government of failing to co-operate in the "war on terror".
On the same day, the US also announced it was resuming full diplomatic relations with Libya and removed it from its list of states that sponsor terrorism.