VENEZUELAN President Nicolas Maduro yesterday named a top official targeted by US sanctions as the new oil minister.

He tasked Tareck El Aissami – a vice-president for the economy who has been indicted in the US on drug-trafficking charges – with “restructuring and reorganisation” of the nation’s crippled oil industry.

Maduro also named Asdrubal Chavez, cousin of the late president Hugo Chavez, as interim president of state oil firm PDVSA.

El Aissami replaces Manuel Quevedo, a general given the twin responsibilities of oil minister and PDVSA chief in 2017.

El Aissami was last August named on the list of the US’ most wanted fugitives for “international narcotics trafficking”.

The US designated him in February 2017 as having played “a significant role in international narcotics trafficking”.

“In his previous positions, he oversaw or partially owned narcotics shipments of more than 1,000kg from Venezuela on multiple occasions, including those with the final destinations of Mexico and the US,” said the Immigration and Customs Enforcement agency on its website.

El Aissami declared his innocence and denounced the move as “a dirty trick”.

The price of Venezuelan oil fell to below US$10 (RM43.70) a barrel on Friday – its lowest level in more than two decades.

Venezuela is almost entirely dependent on its oil revenues, which account for around 96% of its income.

However, oil prices have been sliding since 2014, exacerbating an economic crisis that has pushed almost five million people to leave the country, according to United Nations figures.

Maduro’s government blames US sanctions, including those on PDVSA, for the crisis.

Although the South American country has the world’s largest oil reserves, its oil sector suffers from corruption and a lack of investment in upgrades and maintenance, said analysts and the opposition. – AFP, April 28, 2020.