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
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
