Venezuela's Maduro Purges Oil Bosses

Venezuela's decline continues as the heads of the country's oil industry are arrested and replaced by a Maduro loyalist.

Venezuelan President Nicolas Maduro’s administration has…

However, due to the large-scale corruption of the Venezuelan state since the days of Hugo Chavez, the fact that oil officials have been singled out for arrest seems suspicious. Oil accounts for half of Venezuela’s GDP and nearly all of its exports. Conveniently, the arrests therefore allow the politically embattled Maduro to appoint his own heads of this economically important industry.