The 'oil war'

When the oil price collapses, countries that depend heavily on oil exports to make ends meet are obviously going to get hurt. But is the US really out to get Venezuela, as its president claims?

UN Photo: Yubi Hoffmann
Venezuelan President Nicolás Maduro, pictured speaking in September at the UN General Assembly in New York.
Gwynne Dyer
Published: Thursday, 02/12/2015 12:52 am EST
Last Updated: Tuesday, 02/24/2015 7:56 pm EST

“Did you know there’s an oil war? And the war has an objective: to destroy Russia,” said Venezuelan President Nicolás Maduro in a live television speech in December. “It’s a strategically planned war...also aimed at Venezuela, to try and destroy our revolution and cause an economic collapse.” It’s the United States that has started the war, Maduro said, and its strategy was to flood the market with shale oil and collapse the price.

If you are already a subscriber

Subscribe to Embassy

Subscribe to the print and electronic editions and get instant access to Embassy online.


Sign up for a free trial

For access to the website.



This Week's Issue
policy briefings