Venezuela-Guyana conflict over the disputed Essequibo region and how it impacts India | Explained
offshore oil fields were discovered in the Essequibo region and it came as a game changer to poverty-stricken Guyana. The picture of the country is changing since the discovery of oil reserves in 2015 after which they are earning around $1 billion in annual government oil revenue. The money is being used for massive infrastructure projects in the country.
Secondly, President Nicolás Maduro is up for election in 2024, and the reclamation of the disputed Essequibo region from Guyana surely sounds like a great campaign point, no matter how far from reality. Some political experts have even pointed out that considering, Maduro's hunger for power, the Venezuelan President will keep his all options open including an outright invasion. Guyana's response to the whole situation has been calm so far, with its President claiming that the threat of annexation is “existential." The officials in the government of Guyana have drawn parallels with Russia's annexation of Crimea in 2014.
This is the worst time to witness any more conflicts in the world when Ukraine is fighting invading Russian forces for almost two years now and Israeli Defence Forces (IDF) continue to bomb people in Gaza, in response to the attacks on 7 October. Any conflict in the South American region will not be taken well by the world and both the US and China seem to be united on the issue. India has recently resumed its oil supply from Venezuela, which was reeling under US sanctions until earlier this year.
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