The curse of sanctioned oil: Why turmoil in Iran and Venezuela hurts China

The capture of Venezuelan President Nicolás Maduro and the deadly nationwide protests in Iran are separate events unfolding on different continents. However, political unrest simultaneously battering the two oil-rich nations could converge to become a defining moment with far-reaching consequences for global geopolitics and trade. Following Maduro’s extraction to New York to face criminal charges, including narco-terrorism, U.S. President Donald Trump made clear that Washington intends to take control of Venezuela’s oil industry. On Friday, he said the United States would invest at least $100 billion to rebuild the country’s battered energy sector. “The U.S. said narco-terrorism was the primary reason behind its operation to arrest Maduro. But it is fair to say that the real motive stems from Washington’s plan to control Venezuela’s oil industry,” said Choo Jae-woo, a professor at Kyung Hee University. Venezuela holds the world’s largest proven oil reserves, estimated at 303 billion barrels, followed by Saudi Arabia with 267 billion and Iran with 209 billion. In the wak