CARACAS: Venezuela’s Nicolas Maduro was sworn in Thursday for a second term as president of the crisis-wracked Latin American country, just days after winning an election boycotted by the opposition and decried abroad. In a wide ranging speech, Maduro promised to defeat US sanctions and take steps to correct the course of an economy in ruins, including seeking Organization of the Petroleum Exporting Countries (OPEC) support to nearly double its oil output. Turning to Venezuela’s oil minister, General Manuel Quevedo, who was attending the ceremony, Maduro said Venezuela would have to increase its output by one million barrels per day. If we have to ask for support from OPEC, ask for it major general – support from Russia, China, the Arab countries, let’s ask!”Oil contributes 96 per cent of Venezuela’s foreign revenues. The European Union said it was also weighing new sanctions after the election was marred by “irregularities” and failed to meet international standards.

Source: New Strait Times May 24, 2018 23:15 UTC