Caracas, Venezuela – Venezuela, rich in oil and mineral resources, is facing increasing pressure. This comes amid a new US escalation that is deepening the crisis in a country already suffering from unprecedented economic and political exhaustion. This is despite possessing one of the world’s largest oil reserves. Furthermore, it has vast reserves of gold and rare earth minerals.
The latest US actions are part of a maximum pressure campaign. This policy aims to cripple the oil and mining sectors, the lifeblood of the Venezuelan economy, directly impacting the country’s ability to secure hard currency and import essential goods.
Economic reports indicate that sanctions and restrictions on Venezuelan oil exports have led to a decline in production. Access to global markets has become more difficult, and maintenance and investment processes have become more complex, further exacerbating the deterioration of the energy sector’s infrastructure.
The pressure is not limited to oil; US measures also target the mining sector, particularly gold and strategic minerals. This comes amid accusations from Washington that Caracas is using these resources to circumvent sanctions and finance government activities—allegations that Venezuelan authorities categorically deny.
In contrast, the Venezuelan government maintains that its country is facing a “systematic economic war.” This war targets its natural resources and its capacity for recovery. They believe that the US escalation is deepening the suffering of the people and increasing inflation and shortages of goods and services.
Observers believe that Venezuela is currently facing a complex dilemma. It possesses enormous natural resources that are unable to rescue a crippled economy under external pressures and internal political conflict. This makes any further escalation a further factor in prolonging the crisis rather than opening avenues for resolution.
