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1 week ago
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Summary
The US ‘capture’ of Venezuela’s president Maduro has thrust Washington’s new security strategy into sharp relief. India must act fast to secure ONGC Videsh’s investments in oil fields even as it adapts on other fronts to a world of instability.
The US security plan’s focus on the Western hemisphere burst into the global spotlight with America’s “capture” from Caracas of its president Nicolás Maduro, who might be charged with support for drug-trafficking and terrorism.
Washington, said US President Donald Trump, would run Venezuela till it’s deemed ready for self-rule. That the US is also eyeing Venezuelan oil reserves seems clear from Trump’s talk of American oil firms going in.
While Maduro’s electoral legitimacy was dubious, the US use of force looks like a blatant violation of international law. India’s state-run ONGC Videsh Ltd (OVL) holds a big stake in an oil field in Venezuela’s Orinoco basin, apart from other interests. These partnerships and our on-and-off crude imports from there have been under a shadow of US sanctions, but 2026 has spelt far greater uncertainty.
In parallel with its trade talks with the US, New Delhi may now need to discuss OVL’s rights. A broad calculus may dictate that we refrain from condemning Trump’s actions outright, as China and Russia have done, but a fragile world order demands that we double down on whatever it takes to safeguard our overseas investments and strategic autonomy.
English (US) ·