Venezuela represents everything that the U.S. opposes in the region: socialism, anti-imperialism, economic independence via energy exports and a viable ally for China, Russia, Iran and other countries that oppose the hegemonic designs of Washington. by Eric Draitser Part 3 - Oil as a geopolitical weapon However, it would be a mistake to assume that U.S. policy toward Venezuela revolves exclusively around the profits to be made by ExxonMobil and other oil companies. While that is undoubtedly a factor, ultimately it is about political leverage and strategy vis-à-vis rival powers and power blocs. Consider the fact that Venezuela’s oil reserves alone account for roughly one-quarter (24.8 percent) of all proven crude oil reserves within the Organization of Petroleum Exporting Countries (OPEC). This makes Venezuela hugely influential when it comes to decisions about oil production and, consequently, global oil prices. And when you couple Venezuela with Iran, a key ally