The United States’ forcible removal of Venezuelan president Nicolas Maduro from power has reignited a debate over international law and sovereignty. But this risks obscuring a more consequential fact: global energy markets are not governed primarily by liberal market logic, but are shaped by geopolitical strategy.
Venezuela matters less as a case in itself than as a signal of how energy is being repositioned amid intensifying US-China economic competition.
For decades, many assumed that energy…
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