Oil output goes AWOL in Venezuela as soldiers run PDVSA

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From https://www.reuters.com/article/us-venezuela-pdvsa-military-specialrepor/special-report-oil-output-goes-awol-in-venezuela-as-soldiers-run-pdvsa-idUSKCN1OP0RZ

DECEMBER 26, 2018 / 8:11 AM

Special Report: Oil output goes AWOL in Venezuela as soldiers run PDVSA

Alexandra Ulmer, Marianna Parraga

CARACAS (Reuters) - Last July 6, Major General Manuel Quevedo joined his wife, a Catholic priest and a gathering of oil workers in prayer in a conference room at the headquarters of Petroleos de Venezuela SA, or PDVSA.

The career military officer, who for the past year has been boss at the troubled state-owned oil company, was at no ordinary mass. The gathering, rather, was a ceremony at which he and other senior oil ministry officials asked God to boost oil output.

“This place of peace and spirituality,” read a release by the Oil Ministry that was later scrubbed from its web site, “was the site of prayer by workers for the recovery of production of the industry.”

President Nicolas Maduro turned heads in November 2017 when he named a National Guard general with no oil experience to lead PDVSA [PDVSA.UL]. Quevedo’s actions since have raised even more doubts that he and the other military brass now running the company have a viable plan to rescue it from crushing debt, an exodus of workers and withering production now at its lowest in almost seven decades.

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More at link.

[Igel]

1. That's what you get with a crony command-and-control economy.

C&C by itself is bad except under certain circumstances (and even then, it's only good if you pick certain ways to measure it).

Cronyism pretty much all bad.

Combine them? Oy.