Since the kidnapping of Venezuelan President Nicolás Maduro and his wife, Cilia Flores, on Saturday morning, US President Donald Trump has made repeated claims marked by heroism and arrogance. The US, which invaded there on the pretext that Venezuela had failed to curb drug trafficking, has been speaking of plans and objectives that appear focused on the country’s vast crude oil reserves—just as was predicted by many. In one of his latest statements, Trump said he would now target Cuba, Colombia, and Mexico, citing their alleged failure to take adequate action against drugs. At the core of this, however, is the issue of oil. Trump has gone to the extent of claiming that the US would own 50 million barrels of Venezuela’s oil and control its money, asserting that this would benefit the people of both Venezuela and the United States.
Also read: How most Americans see the Trump-Venezuelan invasion
US anti-drug stance should be seen as a justification for maintaining respectability before the world. No one would claim that its neighbouring countries are not involved in drug smuggling. Yet within the United States itself, illicit drugs are traded widely. Preventing smuggling into the US is its own responsibility. The case of oil is different. Venezuela hds the world’s largest oil reserves—300 billion barrels of crude. Saudi Arabia follows with 267 billion barrels, then Iran with 207 billion barrels, and then Canada. Together, these four countries account for nearly half of global oil reserves. Can the US control Venezuela’s oil production and marketing, as it is currently claiming? Experts say this will not be possible, because this is not a military operation. Drilling oil and selling it on the global market is a multilayered process. For that to happen, American oil companies would need to be involved, and they would have to be willing to operate in a foreign country. Trump is likely to align himself with Anerican global oil giants such as ExxonMobil, Chevron, and ConocoPhillips. When these companies invest abroad, they base their decisions on factors like political structure, economic stability, law and order, and the rule of law. Massive investments cannot be made amid political turbulence or a war-like situation.
Also read: Trump says Venezuela will hand over up to 50 million barrels of oil to US
However, the US has the potential to strangle Venezuela and has been exercising this muscle to its limits even before Maduro was captured. Caracas appears to have anticipated this possibility when former Vice President Delcy Rodríguez—who has now assumed office as president—softened her earlier defiant rhetoric and signalled a willingness to negotiate with the US. At the same time, the Venezuelan leadership insists that sovereignty over oil remains in its hands. Rodríguez, who also served as oil minister, was an official closely connected with oil companies. Moreover, in recent years, the US oil embargo has led to massive quantities of oil accumulating in tank farms, as foreign countries and companies have been unwilling to accept it. As a result, the economy is already stagnating. Meanwhile, Russia and China have criticised US actions and continue to purchase Venezuelan oil despite the sanctions. Although India has also been buying Venezuelan oil, the volume has declined in recent times. The embargo remains the United States’ strongest leverage today. In addition, the US strategy involves using naval power to control oil traffic in the Caribbean Sea and to severely disrupt Venezuela’s maritime trade through the deployment of warships.
Also read: US intervention in Venezuela violates international law: UN
Overall, US actions in Venezuela once again bear all the hallmarks of the country’s—and particularly Donald Trump’s—imperialist hegemony. The same president who once proclaimed that America does not need to fight wars in foreign countries, that American taxpayer money should not be used to fix the world, and that the goal is to make America great (MAGA), is now attempting to achieve that greatness by interfering in other nations. Either the country itself will falter in this race and come to its culmination, or, if this race is to be stopped, a stout resistance force must emerge to halt it.
Also read: Xi Jinping takes veiled swipe at US over Venezuela power grab