This song, "Friends," is from the Velvet Underground's 1973 album Squeeze. The album features none of the original members of the band. (The drummer on the record is Ian Paice of Deep Purple.) From Wikipedia:
…It features no members of the Lou Reed-era group other than multi-instrumentalist Doug Yule, who wrote and recorded the album almost entirely by himself. Yule had joined the Velvet Underground prior to recording their self-titled third album, replacing founding member John Cale, and had contributed significantly to the fourth album, Loaded. Following the departures of the remaining founding members (Reed and Sterling Morrison), Yule took control of the band. Longtime drummer Maureen Tucker was slated to appear on Squeeze by Yule, but she was dismissed by the band's manager, Steve Sesnick.
Recording the album was "like the blind leading the blind, me leading myself," Yule later said. "That's what came out of it, I don't even have a copy of it. But it's kind of a nice memory for me and kind of an embarrassment at the same time. I wish I had my eyes wider open, but it was nice to get my name and my songs out there."