Venezuelan authorities Tuesday arrested former Oil Minister Tareck El Aissami in a corruption probe after about one year at large following his resignation. When making the announcement, Attorney General Tarek William Saab said the former official intended to dent the country's economy.
Venezuela’s state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighboring Cuba to avoid asset seizures. But Venezuela is still fulfilling less than 60% of its obligations under supply deals with customers.
The state of Zulia, the historic heart of Venezuela’s energy industry that was for decades known for opulent oil wealth, has been plunged into darkness for several hours a day since March, sometimes leaving its 3.7 million residents with no electricity for up to 24 hours.
U.S. prosecutors announced charges against five former Venezuelan officials accused of soliciting bribes in exchange for helping vendors win favorable treatment from state oil company PDVSA, the latest case to stem from a US$1 billion graft probe.