Latin American oil experts commented that President Maduro’s recent outreach to oil-producing nations highlights his isolation, noting that Venezuela is facing bankruptcy and is burdened by $150 billion in debt.
The appeal came in a letter to OPEC, where Maduro claimed U.S. actions are leading to a “direct invasion” that threatens not just Venezuela but global oil stability as well.
In a letter addressed to OPEC Secretary-General Haitham al-Ghaith, released by Venezuelan Foreign Minister Ivan Gil, Maduro expressed hopes for intervention to counter the escalating aggression that jeopardizes the balance of the international energy market for both producers and consumers.
Francisco J. Monaldi, Director of the Latin American Energy Policy Bureau, shared his doubts about OPEC’s potential involvement. He noted that Saudi Arabia, a key player, is unlikely to confront the Trump administration and generally avoids conflicts of this nature.
During his address, Maduro described U.S. actions as attempts to “destabilize” Venezuela and called on oil-producing nations to show unity.
The U.S. has imposed sanctions targeting Venezuelan officials and state-controlled sectors, including oil, in response to issues like corruption and human rights violations.
Maduro’s appeal comes amid increased tensions following a phone call where President Trump urged him to resign and leave the country—an apparent push for a political shift.
Monaldi emphasized that while Maduro’s appeal may seem significant, it’s largely symbolic, reflecting his attempts to manipulate narratives surrounding oil. He acknowledged the potential for Venezuela to increase oil production drastically, possibly reaching 4 million barrels a day, but this would require a government change to fully open the sector to foreign investment.
That level of output could generate around $90 billion annually—akin to Venezuela’s better days—allowing it to address debts and stimulate economic recovery. However, achieving this goal is expected to take years.
Overall, the U.S. strategy involves not only the energy sector but also the broader objective of maintaining stability in the Western Hemisphere. Monaldi remarked that the U.S. aims to diminish crime and drug trafficking influence from Venezuela on the rest of Latin America.
