Every few decades, Venezuela returns to the center of global politics. And almost every time, the reason is the same — oil.

The headlines change, of course. The language shifts with the political mood. One year it is ideology, another year corruption, sanctions, or organised crime. But beneath these rotating narratives, the underlying story remains stubbornly consistent. As energy historian Daniel Yergin once observed, energy has never been just a commodity. It is a source of power, leverage, and global order. Venezuela fits squarely into that logic, whether the world chooses to acknowledge it or not.

This is why the latest developments around Venezuela feel less like a turning point and more like a familiar return.

Venezuela holds the largest proven crude oil reserves in the world, estimated at over 303 billion barrels. That single fact ensures the country will never remain marginal for long. Political analyst Michael Klare has long argued that nations sitting on vast energy reserves rarely fade quietly from global attention, regardless of how fragile their internal conditions may be.

In 2026, global oil demand has rebounded to roughly 103–104 million barrels per day, nearly matching pre-pandemic levels. Despite the rapid expansion of renewable energy capacity, oil remains deeply embedded in the systems that keep the global economy running: aviation, shipping, petrochemicals, fertilizers, and heavy........

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