While the operation occurred in Venezuela, its primary psychological impact may be on Iran. The Iranians are reportedly "terrified," viewing the successful removal of a hostile leader as a direct threat and a plausible preview of future U.S. action against them.
The US action to remove Maduro was not a traditional regime change. The goal was to eliminate the leader personally while leaving his party and government apparatus largely intact, suggesting a strategic choice to avoid the instability of a full power vacuum.
The removal of Maduro was a technological showcase, employing cyber tools to knock out power and air defenses, communications jamming, and suicide drones. This demonstrates a significant evolution in U.S. military capabilities beyond conventional special operations.
Despite the public focus on oil, the primary goal of removing Maduro was likely to demonstrate U.S. primacy in the Western Hemisphere. The action serves as a strong signal that the U.S. is willing to act aggressively to enforce its influence in the region.
By demonstrating a willingness to take extraordinary unilateral action, the U.S. makes previously outlandish threats—like those concerning Cuba or Greenland—seem newly credible. This strategic ambiguity creates leverage and increases U.S. bargaining power globally.
The oil market's lack of reaction to the events in Venezuela demonstrates a key principle: short-to-medium term prices are driven by current production and delivery capacity, not the theoretical size of underground reserves that may take years and billions to develop.
The widely cited 300 billion barrel figure for Venezuela's oil reserves is not a measure of what's currently extractable. True "proven reserves" are a function of oil price, investment, and security, making the economically viable amount far lower than the technical potential.
Chevron's decision to remain in Venezuela, unlike other oil majors, isn't just about future potential. It's heavily influenced by massive, decades-long sunk costs, including U.S. Gulf Coast refineries specifically optimized to process Venezuela's unique heavy sour crude.