The Venezuela-Guyana Essequibo dispute reignited in 2015 with ExxonMobil’s oil discovery, escalating under Maduro’s sovereignty claims. Recent actions include a contentious referendum and military exercises. Historical efforts temporarily eased tensions, but post-2015 incidents strained relations. Analysts view a Venezuelan military move as improbable, given global opposition, economic challenges, and unfavorable court rulings. Tensions persist, but military actions seem driven more by domestic considerations than a genuine threat.
Oil and natural gas are undergoing an important crisis, as they are running out worldwide. In this context, powers like Russia and China have chosen to detach from the reliance on Middle Eastern oil, and have been seeking to create their own regional independence to the point companies such as Gazprom and Sinopec have overtaken US and European former leaders like ExxonMobil and Shell. What does this imply for oil security in Northeast Asia? And how are these countries coping with sustainability and oil consumption?