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
9 April 2026
The April 2026 issue of Petroleum Economist is out now!
9 April 2026
Offshore operators are working through an FID backlog as the rig market consolidates, helped by improving project economics and a renewed security drive
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
