"Venezuelan President Nicolas Maduro has called on the Organization of the Petroleum Exporting Countries (OPEC) to help his country counter growing and illegal threats from the United States and its president, Donald Trump. In a letter to fellow members of the bloc of major oil-producing countries on Sunday, Maduro accused the US of trying to seize Venezuela's oil reserves, the world's largest."
"While Venezuela holds the world's largest proven oil reserves, estimated at 303 billion barrels as of 2023, it exported just $4.05bn worth of crude oil in 2023, far below other major-oil producing countries, in part due to US sanctions imposed during the first Trump presidency. Along with Iran, Iraq, Kuwait and Saudi Arabia, the Latin American country was a founding member of OPEC in 1960, with its members cooperating to control oil supply and influence the price of oil in the decades that followed."
Maduro asked OPEC to help protect Venezuela's oil reserves from what he called illegal and growing threats by the United States, accusing the US of attempting to seize the world's largest proven oil reserves. He denounced the possible use of lethal military force against Venezuelan territory, people and institutions and asked both OPEC and OPEC+ to act to prevent escalating aggression that could disturb global energy-market balance. Venezuela holds an estimated 303 billion barrels of proven oil reserves but exported only $4.05bn of crude in 2023, constrained in part by US sanctions. Venezuela was a founding OPEC member in 1960. Trump's statement closing Venezuela's airspace drew Caracas' denunciation as a colonialist threat.
Read at www.aljazeera.com
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