For over two decades, Venezuelan oil has served as a diplomatic tool rather than a traditional commodity, facilitating bilateral agreements and partnerships with countries like Cuba, China, Russia, and Iran. Under Hugo Chávez, oil became central to foreign policy, promoting regional integration and cooperation. Despite the decline in production and infrastructure, these alliances persisted, with oil remaining crucial for political and financial relations. The relationships evolved through barter and loans, particularly with China and Russia, while Cuba's dependence on Venezuelan oil has increased. The partnerships reflect geopolitical strategies rather than purely economic interests. Teljes cikk (Euronews.com)