Oil has a way of turning a local spat into a conflagration. Which is why Venezuela’s sudden escalation of its annexationist designs on neighboring Guyana can’t be dismissed entirely as theater. The United Nations Security Council will hold a closed-door session Friday on the brewing crisis.

To recap: Venezuela has long asserted claims to the western two-thirds of Guyana, based on disputed treaties dating back more than a century. The current regime of President Nicolas Maduro recently staged a referendum that purportedly showed overwhelming support for Venezuela to take control of the region and establish a state dubbed Guyana Essequibo. There have since been reports of troop movements to the border and warnings from the US to stick to diplomacy. Guyana has emerged as a major new area for oil development, following a string of discoveries by Exxon Mobil Corp., beginning in 2015. Maduro this week directed Venezuelan entities to start granting exploration licenses for the region he covets.

QOSHE - A Desperate Venezuela Teases an Oil Shock in Guyana - Liam Denning
menu_open
Columnists Actual . Favourites . Archive
We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

A Desperate Venezuela Teases an Oil Shock in Guyana

5 0
08.12.2023

Oil has a way of turning a local spat into a conflagration. Which is why Venezuela’s sudden escalation of its annexationist designs on neighboring Guyana can’t be dismissed entirely as theater. The United Nations Security Council will........

© Bloomberg

Get it on Google Play