Russian billionaire Oleg Deripaska has warned that expanded U.S. influence over Venezuela’s oil fields could give Washington control over a majority of global oil reserves, potentially allowing it to suppress prices and place long-term strain on Russia’s energy-driven economy.
Why It Matters
Oil and gas revenues remain central to Russia’s federal budget and broader economic stability. Any sustained effort to limit global oil prices could reduce state income, complicate large infrastructure projects, and increase pressure on domestic businesses that now carry a growing share of the country’s tax burden.
What to Know
In a message published on his Telegram channel, Deripaska argued that if U.S. companies gain access to Venezuela’s oil fields—after already establishing a presence in neighboring Guyana—American interests could effectively control more than half of the world’s oil reserves. He suggested that such leverage could be used to ensure Russian oil prices do not rise above $50 per barrel.
Deripaska added that this scenario would make it increasingly difficult for Russia’s state-capitalist model to continue operating without reform. He pointed to rising costs, non-core assets, and large-scale projects pursued without sufficient expertise or private-sector participation as vulnerabilities under sustained price pressure.
What People Are Saying
“If our American ‘partners’ reach Venezuela’s oil fields, they will end up controlling more than half of the world’s oil reserves,” Deripaska wrote in a statement posted on Telegram, adding that such control could be used to keep Russian oil prices artificially low.
He also noted that pressure on private businesses would become harder to maintain, as private companies are becoming the primary contributors to Russia’s federal tax revenues starting this year, with an even larger burden expected next year.
What Happens Next
Deripaska’s comments come amid renewed global scrutiny of Venezuela’s oil sector and U.S. policy toward energy-producing states. If U.S. involvement in Venezuelan oil production expands, analysts say it could have ripple effects across global energy markets, particularly for producers whose budgets rely heavily on higher oil prices.
For Russia, the warning highlights internal debates over economic reform, private-sector participation, and the sustainability of large state-led projects in an environment of constrained commodity prices.
