"Venezuela's economy may be in tatters, but it is sitting on the world's largest known oil reserves, estimated at more than 300 billion barrels. It can safely be assumed that these mineral resources also play a role in the strategic considerations of the oil-friendly US president, Donald Trump. For his Venezuelan counterpart, Nicolas Maduro, they act as a lubricant for foreign relations. But the intensification of the US conflict with Venezuela cannot be explained by oil alone."
"What are China's geopolitical aims in Venezuela? Venezuelan oil recently constituted only 4% of Chinese oil imports, but that share has been increasing. The Reuters news agency quoted two market analysts who estimated that maximum daily import volumes will hit new highs this December. China is set to import more than 600,000 barrels a day from Venezuela, the majority of its daily production. For China, Venezuela is an important oil source, primarily because it reinforces Beijing's energy independence amid the global tug-of-war over raw materials."
US naval operations in the Caribbean have intensified, targeting drug boats and oil tankers since early December. Venezuela holds the world's largest known oil reserves, estimated at more than 300 billion barrels, making oil exports vitally important to the country and central to foreign-policy calculations. US actions reflect strategic interest in Venezuelan oil but also involve other geopolitical factors. China and Russia pursue their own aims in Venezuela. Chinese imports from Venezuela have risen from about 4% of Chinese oil imports to more than 600,000 barrels per day, and Venezuela carries estimated debts to Beijing of $60–70 billion. Venezuela's Merey blend is attractive because Western sanctions affect it.
Read at www.dw.com
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