U.S. Intervention in Venezuela: Oil and the Resurgence of Spheres of Influence

Yves Jégourel

No 2606, Policy briefs on Commodities & Energy from Policy Center for the New South

Abstract: The arrest of Venezuelan President Nicolàs Maduro caused international astonishment, raising questions about respect for international law. And, quite logically, the operation led to numerous analyses, both of the political, security and geostrategic arguments put forward by Washington, and of the underlying ambitions behind this decision, which has no real precedent in recent history. In addition to the fight against narco-trafficking, it was of course the oil issue that came first, noting the country's supposedly considerable reserves. However, there is little doubt that it will be extraordinarily difficult to return to the record production levels of past decades. Questions were also raised about the reality of Venezuela's mineral resources and mining reserves, in order to meet the United States' ambitions to secure strategic metals. But with coltan, bauxite and aluminium, the potential of Venezuela remains equally hypothetical. One thing is certain, however: from Venezuela to Ukraine, via Greenland and the Democratic Republic of Congo, American power is accompanied not only by the famous "Monroe Doctrine", but also by a "raw materials doctrine", an essential part of an expansionist strategy reminiscent of the theory of "spheres of influence". Fossil fuels are at least as important as strategic mineral resources, where economic determinants may be secondary, and where preemption by levers other than commercial action is no longer ruled out.

Date: 2026-02
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