Venezuela Maduro gains control over oil contracts amid purge
Source: Reuters
#BUSINESS NEWS DECEMBER 3, 2017 / 4:40 PM / UPDATED 7 MINUTES AGO
Venezuela Maduro gains control over oil contracts amid purge
Alexandra Ulmer, Deisy Buitrago
3 MIN READ
CARACAS (Reuters) - Venezuelas President Nicolas Maduro on Sunday gained more powers over the OPEC members oil contracts, as a deepening purge looks set to strengthen the leftist leaders control of the key energy sector amid a debilitating recession.
A months-long crackdown on alleged graft in Venezuelas oil industry has led to the arrest of some 65 former executives, including two prominent officials who used to lead both the oil ministry and state oil company PDVSA.
Corruption has long plagued Venezuela, home to the worlds biggest crude reserves, but the socialist government usually said smear campaigns were behind accusations of widespread graft.
Maduro has recently changed his tack, blaming thieves and traitors for the countrys imploding economy.
PDVSAs new boss, former housing minister Major General Manuel Quevedo, said on Sunday that all oil service contracts and executive positions would be reviewed by Maduro as of Monday.
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https://www.reuters.com/article/us-venezuela-oil/venezuela-maduro-gains-control-over-oil-contracts-amid-purge-idUSKBN1DX0V8