Venezuela’s current political crisis revolves around allegations of ties between the Maduro government and criminal or terrorist networks, and claims that Nicolás Maduro’s 2024 re-election was fraudulent. According to reporting by El País, the U.S. has added a third dimension to the dispute: control over Venezuela’s vast energy and mineral wealth. President Donald Trump has openly referenced the country’s oil reserves and prior disputes with U.S. companies like ExxonMobil, stating, “They took all of our oil from not that long ago, and we want it back.”
Despite widespread poverty and economic collapse, Venezuela remains extraordinarily rich in natural resources. It holds the world’s largest oil reserves, the sixth-largest gas deposits globally, and Latin America’s largest gold reserves. Additional resources include iron, bauxite, diamonds, and rare earth elements such as coltan and thorium, crucial for modern technology. These reserves lie alongside biodiversity-rich landscapes, abundant water, and strategic access to the Caribbean and Atlantic.
Chavismo’s approach to resource management has been controversial. When oil prices plummeted between 2014 and 2015, the government relied heavily on mineral extraction south of the Orinoco River, rather than revitalizing other sectors. In 2016, Maduro established the Orinoco Mining Arc, spanning roughly 112,000 square kilometers and containing vast deposits of gold, diamonds, coltan, nickel, and copper. While the government projects significant mineral output, independent reporting shows that illegal mining, smuggling, and corruption dominate the region, often with the involvement of armed groups such as the ELN, FARC dissidents, and criminal gangs like Tren de Aragua. A report by Transparency Venezuela found that in 2024 only 14% of extracted minerals’ value reached the national treasury.
El País notes that Chavismo’s partnerships in gold trading include Turkey and South Africa, while domestic production is concentrated among companies connected to the ruling elite. Meanwhile, rare earth elements and “black sands,” vital for technology industries and largely controlled by China, have become another point of contention, highlighting the global stakes in Venezuela’s mineral wealth. Investigations by Armando.info revealed that substantial portions of these minerals are illegally exported, with their origin obscured before reaching Chinese processors.
The combination of political instability, economic collapse, and resource wealth has created a paradox: a “poor rich country” struggling with corruption, violence, and smuggling, while international actors increasingly view Venezuelan natural resources as strategic assets. As opposition figures like María Corina Machado promote the country’s potential for investment and growth, the Maduro government continues to navigate a complex web of domestic challenges and external pressures, with oil, gold, and rare earths at the center of the geopolitical spotlight.
