Military moves in on Venezuela's oil industry
A major general is replacing the oilmen that ran the industry which will worry investors and plunge the sector further into crisis
"The time for a new oil revolution has come," Venezuela's president Nicolas Maduro declared during his weekly Sunday chat show this weekend. Few would argue that's the case. Oil production is collapsing and exports are down sharply, worsening a national debt crisis. But the kind of revolution Maduro has in mind will make things worse rather than better for the industry, its investors and the nation's oil-fueled economy. During the speech, Maduro announced that he was appointing Major General Manuel Quevedo from the National Guard to take up the dual role of oil minister and boss at state oil company PdV, making him among the most powerful people in the country. Quevedo was most recently the
Also in this section
27 February 2026
LNG would serve as a backup supply source as domestic gas declines and the country’s energy system comes under stress during periods of low hydropower output and high energy demand
27 February 2026
The assumption that oil markets will re-route and work around sanctions is being tested, and it is the physical infrastructure that is acting as the constraint
27 February 2026
The 25th WPC Energy Congress to take place in tandem as part of a coordinated week of high-level ministerial, institutional and industry engagements
27 February 2026
The deepwater sector must be brave by fast-tracking projects and making progress to seize huge offshore opportunities and not become bogged down by capacity constraints and consolidation
