Venezuela aims to boost oil output but sanctions stand in the way, VP says

DUBAI: Venezuela’s Vice President for Economy Calixto Ortega Sanchez said on Wednesday that his country needed vast foreign investment and sanctions relief to tap its huge oil reserves and restart its ailing economy. “We know that the reference for Venezuela is that (it is) the country with the biggest oil reserves, and we want to stop being known for this, and we want to be known as one of the countries with the highest production levels,” Sanchez said.

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