Corruption has led to a collapse in productivity at PDVSA, the Venezuelan state oil giant “Ghost ships” laden with oil are plying the Caribbean between Venezuela and Cuba as private tanker owners try to avoid American sanctions. The United States has been targeting the flow of oil from Venezuela to its ally Cuba since April. It accuses Cuba of propping up the regime of President Maduro in Caracas by providing intelligence and security advisers in return for oil, allegations that Cuba disputes. Sanction-breakers face having all their assets in the US seized, and any ship named by the US is prohibited from transporting Venezuelan oil. However, regular shipments have continued, according to Bloomberg. Operators have bypassed the sanctions simply by renaming their ships. In May, the oil tanker Ocean Elegance , which had been delivering Venezuelan crude to Cuba for three…