By: Erik Subashi

Overview

Over the last weeks, the news about conflict in Israel and Palestine has taken the international spotlight, leaving out a major escalation going on in South America. The National Assembly of Venezuela has approved to host a national referendum in early December to determine the status of the Essequibo territory. The only problem is that Essequibo is in Guyana, not having been part of Venezuela since the times of the Spanish Empire. This oil-rich region contributes greatly to the Guyanan economy, holding substantial wealth. 

Historical Context

The dispute in the region has its roots in 1899 when the current borders were established. Diplomatic efforts to resolve the dispute in 1903 ultimately failed, prompting peace talks among European countries, which again recognised the current borders, establishing legal precedent. During the Geneva Agreement of 1966, Guyana gained independence, and further progress was achieved through direct negotiations between Guyana and Venezuela in 1988. More recently, in 2018, the United Nations left the matter to the International Court of Justice. The final verdict is still being discussed to this day. 

Political Interests 

Despite previous discussions, Venezuela is still arguing that the Essequibo River should be the true natural divide, dismissing the 1899 verdict as “null and void”, and showing no interest in the current status of Essequibo. The timing of the referendum greatly shows that the decisions of the President of Venezuela, Nicola Maduro, are motivated mostly by domestic politics. It is unlikely that the oil would help the nation given the difficulties it has inflicted upon itself in exporting the amount it already has (Venezuela has the largest oil reserves in the world). 

Diplomatic Actions

The war in Ukraine has resulted in Russian oil being taken out of Western markets, along with escalations in the Middle East that have prompted the United States to engage with Venezuela once again. The US has quietly been reintroducing Venezuelan oil into the market, progressively reducing sanctions on the Chavista leftist regime in the country. Yet still, the US mistakenly believes that reducing these sanctions would result in free elections in the nation. Maduro and his Chavista regime, supported by powers such as Russia and China, will not give up their regional power. Further action must be taken to ensure stability in the region.