UPDATE 1-Venezuela's Maduro announces presidential commission to restructure oil industry

Venezuelan President Nicolas Maduro said on Wednesday he would create a presidential commission to restructure the country's beleaguered oil industry, which will be led by Vice President for the Economy Tareck El Aissami.

The announcement came a day after the United States announced sanctions on Rosneft Trading, a unit of Russian state oil company Rosneft, that has emerged as a major intermediary for Venezuelan crude since Washington slapped sanctions on Petróleos de Venezuela, S.A., or PDVSA, last year to try to oust Maduro. Declaring an "energy emergency," Maduro set a goal for Venezuela to raise crude output to 2 million barrels per day this year, more than double current levels.

"The sanctions, the blockade - I will not accept any more excuses," Maduro said. Oil Minister and PDVSA President Manuel Quevedo will serve on the commission, Maduro said. Defense Minister Vladimir Padrino, as well other cabinet officials and union leaders, will also serve on the board.

 

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