Venezuela-Guyana conflict over the disputed Essequibo region and its impact on India. Explained – Gudstory

The dispute is rooted in Guyana’s densely forested Essequibo region, which Venezuela claims as its territory. The Essequibo Region covers approximately two-thirds of Guyana’s territory and its boundaries were determined by an international tribunal in 1899 as a British colony. Venezuela has rejected the decision and claims the Essequibo region as part of its territory. This sentiment is deeply rooted among ordinary Venezuelans, who feel that they are being deprived of their legitimate rights over the Essequibo region.

Why did Venezuela suddenly increase the atmosphere of controversy?

The answer to the question is not very complicated because vast offshore oil fields were recently discovered in the Essequibo region and it came as a game changer for poverty-stricken Guyana. The country’s landscape has been changing since oil reserves were discovered in 2015, earning around $1 billion in annual government oil revenues. This money is being used for large-scale infrastructure projects in the country.

Secondly, President Nicolas Maduro is up for election in 2024, and the recapture of the disputed Essequibo region from Guyana certainly sounds like a great campaign point, no matter how far from reality. Some political experts have even said that given Maduro’s hunger for power, the Venezuelan president will keep all his options open, including a full-scale invasion.

Guyana’s reaction to the entire situation has so far been calm, with its President claiming that the threat of occupation is “existential”. Guyanese government officials have drawn parallels with the 2014 annexation of Crimea by Russia.

Impact on the world and India

It is the worst time for any other conflict in the world as Ukraine has been fighting invading Russian forces for nearly two years and the Israeli Defense Forces (IDF) continue to bomb people in Gaza in response to the October 7 attacks. The world will not take well to any conflict in the South American region and both America and China seem united on this issue.

India recently resumed its oil supplies from Venezuela, which was hit by US sanctions until earlier this year. The Joe Biden administration eased some sanctions to prevent huge exports from Venezuela to China and some Indian companies have since resumed oil imports from Venezuela.

When oil prices are already volatile due to the war in the Middle Eastern region and production cuts by OPEC members, the prospect of another conflict in the oil-rich nation does not bode well for anyone, including Venezuela.

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Updated: 04 Dec 2023, 05:41 PM IST