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OIL
Venezuela rejected the international Court of Justice’s ruling over the territorial dispute with Guyana over the Essequibo region, backing the creation of a new state in the area via a consultative referendum.
- The dispute, covering both land and maritime borders, affects the sovereignty of the offshore explorative Starbroek Block fields, thought to have reserves of around 8 billion boe. ExxonMobil is leading its exploration.
- Venezuela resurrected its claim to the region in recent years following the discovery of oil and gas reserves in Guyana.
- The ICJ had barred Venezuela from taking action to alter status quo with the case currently before the court.
- However, the consultative referendum passed with 95% support, with electoral authority President Elvis Amoroso declaring that 10.5m votes were cast for the yes side. However, the total number of voters was not confirmed.
- The move to annex the region is thought to be a show of strength by Venezuelan president Maduro as he looks to shore up his position before a planned election next year. A conflict may be a method to suspend an election he risks losing.
- However, this could affect the US temporary oil sanction relief agreement to Venezuela, whose terms demand fair elections in 2024.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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