Venezuela’s deposed president Nicolás Maduro is set to appear in a New York courtroom today on drug and weapons charges. Maduro was captured by the U.S. and flown out of the South American country on Saturday, following a lightning operation that took just two hours and 20 minutes.
At least 40 people were killed in the U.S. attack, according to a Venezuelan official who spoke to the New York Times. The removal ignited a wave of responses from the international community, including condemnation from other leaders in the region and concern from UN Secretary General Antonio Guterres over whether the strikes would set a “dangerous precedent”. Many Venezuelans have responded with joy at the hope of a new era, mixed with uncertainty over what is to come next.
Over the past months, Washington had been expanding its presence across the Caribbean, flexing its might over the South American nation. While the Trump administration’s dialogue had initially centered on drug trafficking, as the U.S. took out multiple small boats accused of carrying illicit drugs towards the United States, Trump has since stated explicitly that he intends to gain access to Venezuela's vast oil wealth.
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).
