Maduro moves aim to consolidate power in Venezuela

Significance

Maduro has assumed the offensive both within the ruling United Socialist Party of Venezuela (PSUV) and in the ongoing confrontation between his government and Washington. In a move presented as a major anti-corruption drive, senior figures from state oil company PDVSA have been arrested.

Impacts

• Quevedo’s appointment as head of PDVSA and oil minister extends the influence and portfolio of the military in government.
• Its new head’s lack of technical expertise dents any confidence that PDVSA’s performance can be turned around.
• Absent any further details of the ‘petro’, Venezuela’s own sovereign version of the bitcoin has prompted derision.
• The opposition remains peripheral to core political and policy debates but moderately engaged with externally led dialogue efforts.