Venezuela is the country boasting the largest oil reserves in the world. In 2023 alone, amid the easing of US sanctions on the country’s oil and gas sectors, Venezuela’s oil revenue amounted to some $12billion (£9.47bn), according to Caracas-based consultancy Ecoanalitica.
The experts noted in January the Venezuelan oil market was expected to grow to as much as £15.78bn ($20bn) this year, but only if the US didn’t reintroduce sanctions on the OPEC country, first issued in 2019.
In April, the Biden administration signalled it would reimpose oil sanctions as Venezuelan President Nicolas Maduro was not meeting his commitment to follow an election roadmap that would allow people in his country to hold a free and fair vote in 2024.
Despite its massive reserves, Venezuela is also considered one of the most dangerous nations in the world, as crime and civil unrest are rife.
Both the US and the UK advise against travelling to the South American country.
The Foreign, Commonwealth and Development Office (FCDO) advises against all travel within 50 miles of the border with Colombia and 25 miles of the border with Brazil due to “drug traffickers and illegal armed groups” being active in these areas and the risk of “criminal kidnapping”. The FCDO also considers at the moment the Zulia State a no-go area for tourists, as it is experiencing “prolonged power cuts, water shortages, violence and local conflict”, as stated on the UK government website.
The FCDO discourages people from travelling to all other areas of Venezuela unless necessary “due to ongoing crime and instability”.
The US, on the other hand, has issued a do not travel advice across the whole of Venezuela. The travel advisory reviewed in mid-May by the US Bureau of Consular Affairs asks American citizens not to travel to the country “due to crime, civil unrest, kidnapping, and the arbitrary enforcement of local laws”.
The Department of State website added: “Reconsider travel due to wrongful detentions, terrorism, and poor health infrastructure.”
Detailing the risks faced by US nationals venturing to the nation, the travel advice read: “Violent crimes, such as homicide, armed robbery, kidnapping, and carjacking, are common in Venezuela.
“Political rallies and demonstrations occur, often with little notice. Anti-Maduro demonstrations have elicited a strong police and security force response, including the use of tear gas, pepper spray, and rubber bullets against participants, and occasionally devolve into looting and vandalism.
“Shortages of gasoline, electricity, water, medicine, and medical supplies continue throughout much of Venezuela.”
The Department, the advice added, determined a “high risk of wrongful detention of US nationals” in Venezuela, adding officials in the Latin American country don’t generally notify the US government of the detention of US citizens nor grant access to them when imprisoned.
Moreover, since March 2019, the US no longer has diplomatic personnel in Venezuela and has suspended operations at the US Embassy in Caracas – which means Washington can’t provide emergency services to its nationals in the country.