US Lust for Oil Reserves of Venezuela and Iran

Venezuela and Iran possess the largest and third-largest energy reserves in the world, respectively. Both nations have long faced persistent pressure from United States in the form of sanctions, political isolation, and attempts at regime change. While access to vast hydrocarbon wealth is an obvious factor, the issue goes beyond mere economics. Control over global energy flows remains central to sustaining geopolitical dominance, a principle reflected in Washington’s long-standing strategic doctrines emphasizing “energy dominance” and global power projection.

The contest surrounding Venezuela and Iran reflects a broader struggle between great-power dominance and national sovereignty. While temporary accommodations may emerge, the geopolitical rivalry over energy resources, political independence, and global influence is unlikely to disappear anytime soon.

For both Venezuela and Iran, sovereign control over their hydrocarbon resources is essential for maintaining even a limited degree of political independence. Historically, both countries challenged Western dominance of their energy sectors. In Iran, Prime Minister Mohammad Mossadegh nationalized the oil industry in 1951, triggering a CIA-backed coup that removed him from power. Venezuela followed a similar path when it consolidated its oil industry under the state company Petróleos de Venezuela, S.A., a process later reinforced during the presidency of Hugo Chávez. As founding members of the Organization of the Petroleum Exporting Countries (OPEC), both countries sought to strengthen collective leverage against Western oil dominance.

Their resistance to the US-led international order also shaped their broader foreign policies. Iran emerged as a central actor in regional resistance movements and a vocal supporter of Palestinian rights. Venezuela similarly backed Palestinian self-determination and severed diplomatic ties with Israel in 2009, while maintaining strong relations with Cuba and other governments critical of US foreign policy.

Washington’s response has largely taken the form of sanctions and political pressure. In 2015, US President Barack Obama declared Venezuela an “extraordinary threat” to US national security, opening the door for unilateral coercive measures. These pressures were intensified under Donald Trump, whose administration pursued “maximum pressure” campaigns against both Caracas and Tehran. Targeted killings, including that of Iranian General Qasem Soleimani, further demonstrated Washington’s willingness to employ force to advance its strategic objectives.

Energy markets also play a role in shaping geopolitical timing. Escalation with Iran has frequently coincided with concerns about global oil supply, particularly the vulnerability of shipments passing through the strategic Strait of Hormuz. In such circumstances, Venezuela’s vast oil reserves are often viewed as a potential buffer capable of stabilizing global supply if disruptions occur in the Middle East.

Despite years of sanctions and pressure, Venezuela has demonstrated notable political resilience. Even amid attempts to isolate the government of President Nicolás Maduro, leadership continuity under Vice President Delcy Rodríguez has helped maintain state authority. Diplomatic engagement between Washington and Caracas has intermittently resumed, reflecting the reality that even adversaries must sometimes negotiate.