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Theft, Corruption Hindering Venezuela s Oil Recovery

Theft, Corruption Hindering Venezuela s Oil Recovery
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Four years later, imprisoned oil executives remain pawns in a US-Venezuela standoff

Four years later, imprisoned oil executives remain pawns in a US-Venezuela standoff
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Four years later, imprisoned oil executives remain pawns in a US-Venezuela standoff

Venezuelan court orders trial for ex-oil minister three years after arrest

The five officials have been imprisoned since their arrests. In a statement, the supreme court said a Caracas court would try del Pino and the four other officials for alleged crimes including “obstruction of free commerce, damages by omission to the oil industry, conspiracy” and other crimes. Maduro has blamed former PDVSA officials’ corruption, as well as U.S. sanctions, for a drop in Venezuela’s crude production to less than 500,000 barrels per day (bpd), down from more than 2 million bpd when he took office in 2013. That collapse has contributed to an economic and humanitarian crisis. Maduro’s critics say years of underinvestment and mismanagement of the industry are the true causes of the collapse in output.

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