How many times has the Caracas autocrat voiced his harshest criticisms of the US empire? On February 3, 2013, the US empire was attacked without further ado. Nicholas MaduroThe president of the Bolivarian Revolution of Venezuela and a fourth-rate thug he inaugurated the Plaza of the Anti-Imperialist Rebellion, Caracas, before his closest aides to remember the failed coup attempt of 22 December 1992. A little over a year later, the Venezuelan dictator was executed last week. Two American nationality prisoners were releasedDays after the meeting, President Obama sent a delegation to White House. Joe Biden.
In a completely Dantesque incident, the US president decided that he would end years of pressure on authoritarian regimes like Venezuela’s, and those of the Iranian ayatollahs. It is not surprising that Biden took this attitude, but it is deeply regrettable. This is not surprising, given the United States’ tendency to form close relationships with authoritarian regimes. Place pressure on geopolitical enemies of the day. This is absolutely unacceptable, because foreign policy must be more than just a calculation based on “realpolitik”. Although Putin’s Russia is the most serious threat to the international order, it is important that we do not allow smaller authoritarian regimes to be ignored in our efforts to isolate him.
We are in a very delicate global environment. We now face a runaway market for raw materials as a result of Russia’s invasion of Ukraine. They are facing huge disruptions in all areas, including grains, metals, oil, and gas. This is especially true after the US government announced a ban on Russian oil and gasoline imports. Russia remains both the breadbasket and the mine of the world.
Biden seeks supply alternatives in order to avoid even more price increases, despite the fact that these commodities are at an all-time high. This price escalation we are currently experiencing is not the end. It is simply a reaction to a conflict that promises to escalate. Russia is the world’s biggest exporter both of crude oil and products. This puts us at the crossroads of a difficult solution. Biden believes that he has found the solution, despite what it may seem. Or not.
However, even though the oil percentage may seem lower, the reality is that most global oil producers are still at the limits of their production and extraction capabilities. It is important to remember that these fossil fuels require large and expensive investments. Saudi Arabia and United Arab Emirates are currently the only producers with the ability to increase their production. However, this combined capacity will not cover the entire gap left by Moscow. These two Arab nations would also not be interested in increasing their production. Iran is, on the other hand, at the edge of its extractive capabilities.
Venezuela is another story.Venezuela is a country that has been destroyed by corruption, incompetence and other evils.. The country with the highest proven oil reserves after decades of Chavista dictatorship is one that has been ravaged by misery. Caracas produced 3.5 million barrels of crude oil per day at its peak. This figure would have covered about half of the 11 million Russians. Venezuela today is not capable of reaching these levels due to poor management, embezzlement, or a lack in technical capacity. Maduro’s aides couldn’t produce 800,000 barrels per daily, far short of the 1.28 million production target for 2021. To meet the demand, Venezuela’s oil industry would need to produce a few hundred billion euros per day and nearly a decade of hard work.
Considering what we have seen, Biden’s approach to Tehran and Caracas’ authoritarian regimes would not help us get out of our energy crisis. Therefore, it is necessary to rethink the energy policy. It is evident that we cannot abandon our efforts to fight authoritarianism wherever it may be found, whether it is in Moscow, Caracas or Tehran. What message would the West send about sanctions if we didn’t?