LATE-STAGE SOCIALISM: New Venezuela oil boss to give military more PDVSA posts.

In a surprise move, unpopular leftist President Nicolas Maduro on Sunday tapped Major General Manuel Quevedo to lead PDVSA [PDVSA.UL] and the Oil Ministry, giving the already powerful military control of the OPEC nation’s dominant industry.

Besides the corruption scandals, Quevedo will have to tackle an attempted debt restructuring, within the context of a deep recession and debilitating U.S. sanctions.

Sources in the sector said Quevedo’s appointment could quicken a white-collar exodus from PDVSA and worsen operational problems at a time when production has already tumbled to near 30-year lows of under 2 million barrels per day.

About 50 officials at state oil company PDVSA have been arrested since August in what the state prosecutor says is a “crusade” against corruption.

Socialists always wage a losing crusade against corruption immediately following their winning crusade against competence.