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
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
17 March 2026
The crisis in the Middle East has put LNG’s ability to offer security and flexibility under uncomfortable scrutiny
