Venezuela’s prominence in global politics, driven by its vast oil reserves, has re-emerged amid rising global oil demand. Historically, the country’s dependency on oil has led to economic fragility, with production collapsing from 3.2 million barrels per day in 1998 to under 700,000 by 2023 due to mismanagement and sanctions. As Western financing dwindled, Venezuela turned to China, Russia, and Iran for support, embedding itself in a parallel energy network. This cycle of economic isolation, collapse, and potential intervention reflects a familiar pattern in energy geopolitics.
