Venezuela Oil Czar Says Output to Skyrocket, Sanctions Be Damned
- Epic lines for gasoline will be gone within weeks, he predicts
- The country is hoping to produce 6 million barrels a day
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In Venezuela, waiting in line at a gas station -- sometimes for days -- has become so routine that it’s hard to imagine life without it.
But go see Tareck El Aissami, the oil minister, and you’ll find out something magical is about to happen. In weeks, he said in a rare interview, the gas lines will disappear. By year-end, crude output will quadruple from a historic low. And in the foreseeable future, foreign investment will flood in and Venezuela, proud founder of OPEC, will again rank among the world’s four largest producers.