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With Venezuela’s president, Maduro, calling upon Russia, China, and Iran to assist in a possible military confrontation with the USA, global oil and gas markets are growing increasingly nervous about a potential conflict. The ongoing military buildup by the Trump Administration around Venezuela, officially set up to confront the country’s perceived pivotal role in the international drug trade, almost looks like the so-called military training activities of Vladimir Putin’s Russia before the invasion of Ukraine. While no decision has officially been taken in Washington, military sources are indicating that military action or even an invasion of Venezuela has received the green light. Trump is clearly preparing for all scenarios, possibly not only reshuffling power structures in Latin America and the Caribbean but also affecting global oil markets in due course, with significant geopolitical implications involving Russia, China, and Iran.While Venezuela holds the largest crude oil reserves in the world — estimated at around 303 billion barrels as of 2023, approximately 17% of global reserves — its total crude oil production is well below expectations. At present, the country produces around 1-1.1 million bpd, indicating a struggling upstream and downstream sector, which has been significantly hindered by factors such as international sanctions, infrastructure constraints, a lack of investment, and technical challenges in extracting and refining heavy crude oil.  The country’s potential is gigantic, but reality shows a crude oil giant in despair, struggling not only to produce its heavy-sour barrels but also to export them to global markets. Primary production is currently focused on the Atlantic Basin, much of it tied to Chinese buyers and U.S.-licensed joint ventures. Due to ongoing U.S. sanctions and internal unrest, the country is struggling, showing a significant economic and political crisis, constraining even future developments indefinitely.While Venezuela’s total production is not of fundamental importance in terms of barrels, the country's central, absolutely pivotal position stems from its slate-critical supply to markets. A U.S. military campaign will always include disruption or destruction of ports, upgraders, and logistics, which would lead to the removal of so much more than “just another million barrels”. At the same time, while Venezuela’s LNG position is almost non-existent, a military action on Venezuela is expected to freeze the so-called Dragon gas tie-in to Trinidad & Tobago (feed Atlantic LNG). 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