The U.S. military is right on Venezuela’s doorstep. Over the past months, Washington has expanded its presence across the Caribbean, flexing its might over the South American nation. While U.S. President Donald Trump says the buildup is part of a campaign against drug trafficking, Venezuelan President Nicolás Maduro maintains that the real objective is regime change and access to Venezuela's vast oil wealth. The U.S. State Department rejects this claim.
According to OPEC’s latest annual statistical review, Venezuela holds nearly one fifth of the world’s proven crude reserves, or an estimated 303 billion barrels. Most other major deposits are concentrated in the Middle East, led by Saudi Arabia with 267 billion barrels, Iran with 209 billion and Iraq with 145 billion. OPEC’s figures exclude Canada’s oil sands; Canadian government data puts those reserves at 171 billion barrels, which would place Canada fourth globally in 2024.
Tensions have been mounting in the Latin American region. The Pentagon has destroyed at least 22 boats in the Caribbean Sea and eastern Pacific, killing more than 80 people in operations it describes as counter-narcotics strikes. Critics argue the campaign is unlikely to meaningfully disrupt drug networks and suggest the broader standoff may instead reflect a strategic “negotiation about oil”. If so, the focus is long-term: despite its enormous reserves, Venezuela contributed only 1.3 percent of global oil production last year. OPEC data shows the top producers in 2024 were the United States (18.2 percent of world output), Russia (12.7 percent) and Saudi Arabia (12.3 percent).
