In September 1960, representatives of Iraq, Iran, Venezuela, Saudi Arabia and Kuwait met in Baghdad to found Opec.
In 2011, Donald Trump told the Wall Street Journal, “I would take the oil. I would not leave Iraq and let Iran take the oil.”
Now, with Venezuela’s oil sales under US supervision, is the clock turning back on national sovereignty over natural resources?
It is not just Caracas under pressure. The aircraft carrier USS Abraham Lincoln and its support group are steaming towards Iran. Washington has reported threatened the “nuclear option” of cutting off the supply of US dollars from Iraq’s oil sales if its new government includes undesirable representatives. Last week was absorbed by the White House’s demands to annex Greenland, enticed by prospects of minerals and oil.
As now the world’s biggest oil and gas producer, US nervousness over energy supplies makes little sense. But worries over critical minerals are more understandable. China’s success in dominating international supply chains for cobalt, nickel, rare earths and other e
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