Venezuela to hold referendum on Guyana-administered Essequibo region
Venezuela is expected to hold a referendum on annexing the Guyana-administered region of Essequibo.
After the discovery of oil reserves in the region in 2015, Venezuela has been pushing for its annexation. While the current border was arbitrated in 1899, Venezuela has continued to argue that Essequibo is Venezuelan because it was within the country’s borders during Spanish colonization. Guyana has requested that the International Court of Justice rule the referendum as unlawful, although the court has not made a decision yet.
Due to the ICJ’s involvement in the dispute, the matter has become an international affair. If Venezuela were to annex Essequibo without the approval of the ICJ, the country would be violating international law on sovereignty and the use of force. Other countries in Latin America would also suffer the consequences of the conflict, as proven by Brazil having already mobilized its military around the border. Guyana’s richness in oil complicates the conflict further. Among the main importers of Guyana’s oil are the US, China, and the UK. Such a territorial conflict would delay the export of oil and potentially destabilize massive supply chains in the world economy.
