Colombia’s Petro Accuses Trump of Targeting Venezuela’s Oil

In a recent interview with CNN, Colombia’s President Gustavo Petro asserted that the United States’ military actions against Venezuela are primarily motivated by the country’s vast oil reserves. Petro specifically stated, “(Oil) is at the heart of the matter. So, that’s a negotiation about oil. I believe that is (US President Donald) Trump’s logic.” This remark highlights the ongoing tensions surrounding U.S. policy in South America, particularly in relation to Venezuela’s political landscape.

Petro’s comments come as the Trump administration intensifies its efforts to exert pressure on Venezuela. This includes deploying military ships to the region and targeting alleged drug trafficking vessels off the Venezuelan coast. The U.S. government claims that the Venezuelan government plays a significant role in the international drug trade, which Petro disputes, stating that Venezuela is not a major player in this market. He emphasized that the real prize for the U.S. is Venezuela’s oil, which is critical to the country’s economic stability.

The relationship between Petro and Trump has been strained, with mutual accusations affecting diplomatic ties. In 2024, the U.S. administration sanctioned Petro, alleging involvement in drug trafficking. He has consistently criticized Trump’s immigration policies and military maneuvers in South America, seeking to highlight the negative impacts of U.S. actions on regional stability.

Venezuela boasts the largest estimated crude oil reserves in the world, yet the country struggles to maintain production levels due to heavy U.S. sanctions. Despite these challenges, Venezuela’s crude oil exports reached over 1.09 million barrels per day in September 2023, marking the highest level since early 2020. These exports have gained significance for refiners in China and India, especially in the context of sanctions on Russia and limited heavy-crude supplies from other sources.

Petro’s allegations suggest that new enforcement actions from the U.S. could further disrupt the oil market. Such disruptions could have far-reaching implications, particularly for Gulf Coast refiners who have historically relied on Venezuelan crude. As they seek alternatives, these refiners have increasingly turned to heavier grades from the Middle East and Guyana, which is rapidly emerging as one of the Western Hemisphere’s fastest-growing oil producers.

The Venezuelan crisis intertwines with regional developments, particularly as Guyana’s offshore Stabroek field becomes a significant player in the oil market. This shift reflects a broader trend in the global energy landscape, where supply and demand dynamics are continuously evolving in response to geopolitical pressures.

Through these developments, the complex relationship between Colombia, the U.S., and Venezuela underscores the intricate interplay of politics, economics, and energy resources in South America. As the situation progresses, the implications for regional stability and international oil markets will undoubtedly remain a topic of significant interest and concern.