Venezuela, located on the northern coast of South America, is known for its diverse geography and oil. Oil sits at the centre of South Africa’s otherwise modest trade relationship with Venezuela – and has now drawn the United States directly into the picture. While trade between South Africa and Venezuela is minimal, official trade data shows that the two countries maintain diplomatic and trade relations, with energy long forming a key pillar of engagement.
That relationship has since weakened, as Venezuela’s reduced oil production and export capacity curtailed the scope for meaningful energy cooperation in recent years. However, Venezuela’s oil assets have once again come sharply into focus after a recent US military attack on the country, which holds some of the world’s largest proven oil reserves, according to the BBC. In the early hours of January 3, the United States undertook a military strike in Venezuela, targeting key government and military sites in Caracas and other strategic locations.
US President Donald Trump said the operation resulted in the capture of Venezuelan President Nicolás Maduro and his wife, who were reportedly flown out of the country. Trump said the action was intended to remove Maduro due to allegations of corruption, drug trafficking and undermining regional stability, adding that the US would temporarily oversee Venezuela until a safe transition could be arranged. The US President also described the operation as both a law-enforcement effort and a move tosecure Venezuela’s oil infrastructure.
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South Africa and Venezuela established diplomatic relations in 1993, with both countries maintaining embassies. A framework agreement on cooperation was signed in 2008, covering energy, mining and agriculture, and a joint bilateral commission was established to support cooperation, according to the Department of International Relations and Cooperation.
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