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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



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