Trump has repeatedly voiced his desire for the US to regain control of Venezuela’s oil.
Is there any legal basis to US claims on Venezuelan oil?
No. International law is clear that sovereign states own the natural resources within their territories under the principle of Permanent Sovereignty over Natural Resources (PSNR).
This means that sovereign states have the inherent right to control, use and dispose of their resources for their own development.
The concept of PSNR emerged after 1945 during the decolonization of former European colonies. It was solidified by the United Nations General Assembly in a resolution adopted in December 1962.
Under this law, therefore, Venezuela owns its oil. It would be illegal under international law for the US to lay claim to it.
A blanket claim of US ownership of Venezuelan oil has no credible basis in international law.
The more legally recognizable claim is narrower – namely demands for compensation tied to alleged unlawful expropriation of specific investments, which is the terrain of investment arbitration and enforcement litigation.
Under international law, the sovereign state where oil is located owns the resources within its territory, based on the UN’s principle of Permanent Sovereignty over Natural Resources (PSNR). This means governments control their oil, often enacting laws and constitutions granting them ownership, though they may lease extraction rights to private companies. For offshore areas, the UN Convention on the Law of the Sea (UNCLOS) clarifies states’ rights to exploit resources in their exclusive economic zones (EEZs)
David J. Neuendorff
Bowling Green
