US-Venezuela oil deal is a threat to Venezuela’s sovereignty

US-Venezuela oil deal: The Russia-Ukraine War has pushed the USA to reach out to smaller nations. Even the ones it has bullied for too long. The recent example is Venezuela. The renewal of oil deal between Venezuela and United States of America (USA) has heightened hopes for establishment of diplomatic ties among the two nations.

But all is not okay. There’s another storm brewing. USA is eying to topple Venezuela’s President Nicholas Maduro. And this time, US has the upper hand.

US-Venezuela oil deal: Just an Oil deal? 

Last year, in November’s end, the United States relaxed oil sanctions against President Nicolás Maduro’s regime. Chevron made and agreement with the US Treasury Department to expand its joint operations with Venezuela’s state-owned oil corporation. This signals the probable return of Venezuelan oil to international markets. It came three years after the Trump administration stopped all drilling operations in Venezuela. It was a part of a mission to exert the pressure in an effort to bring about political change.

However, the US-Venezuela oil deal wasn’t without any conditions. US is forcing Maduro to sit with Venezuela’s opposition- Unitary Platform; something that could possibly cost him his Presidential office.

The opposition in Venezuela is fragmented with no popular support. Yet, going against the public opinion, it continues to support it. On the other hand, Washington is highly critical of Nicholas Maduro and doesn’t recognise him as the legitimate President.

Well, no love lost between the two.

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But on January 27^th, the newly elected leader of Venezuela’s opposition, Dinorah Figuera made an interesting admission. She said that she is sure that the United States will continue to support the opposition against Nicolas Maduro.

Ulterior Motives

The Venezuelan opposition holds the key to billions of dollars in frozen Venezuelan assets abroad. It possesses Citgo Petroleum, an oil refiner with headquarters in the United States, and more than $1 billion in gold kept at the Bank of England. Figuera said that she’s confident that US will shield foreign assets like oil refiner Citgo Petroleum from creditors. Dinorah Figuera, a 61-year-old doctor from the Primero Justicia party, was picked earlier this month to head the opposition’s national assembly. The opposition is working to forge a unified front in the presidential election that is slated to take place a year from now.

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You won’t be wrong if you assume that US is laying the groundwork to topple Nicholas Maduro.

Although, Maduro has previously used negotiations as a stall tactic with no intention of reaching a consensus, things could be different this time. US can use the deal to gain leverage and impose more conditions on him as it pleases.

History has shown that Washington establishment is hardly ever trustable. The US-Venezuela Oil deal might give Maduro a breather from the crashing Venezuelan economy but it can cost him in the long run. Maduro needs to caution ahead, it can be a risky ride.