Maduro: Despite US sanctions, Venesuela’s oil industry will develop

Despite the US reimposing sanctions on Venezuela's oil and gas sector, the sector will continue to grow, Venezuelan President Nicolas Maduro said at a meeting with workers of the state oil and gas company Petróleos de Venezuela, S.A. (PDVSA), broadcasted by the Venezolana de Televisión TV channel, Report informs.

"Neither blockades, sanctions, nor licenses can stop the production of Venezuela's oil, gas, and petrochemical industries," Maduro said. He believes that Venezuela will develop within 7 years and become one of the main producers in the global energy market. Referring to the US decision not to renew General License No. 44, which eases sanctions against Venezuelan oil, Maduro said, "PDVSA does not need licenses for its development and growth, and no one will stop the growth of our main energy industry."