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Venezuela continues to face rampant inflation, poverty, and diseases pilling up in light of the US sanctions against PDVSA (Petroleos de Venezuela, S.A), the Venezuelan state-owned Oil Company. Despite the crisis, Russia continues to play a key role in supporting the regime of Nicolas Maduro and sustaining oil production in the country. The research focuses on the role played by Russia in helping the current regime to survive against the US sanctions and what is the vested interest it brings along with it. The outcome of the research is to find out the role played by Russian oil industries in shaping Russia’s Foreign Policy in Venezuela and to know whether Moscow has any leverage over the energy sector in Venezuela. The paper gives prime importance to the Venezuelan economy and Geopolitics of oil. The research aims to give a whole new outlook by exploring the nuances of oil giants in shaping international relations between countries through its diplomatic skills. Keywords: PDVSA, Rosneft, Venezuela, Geopolitics, Monroe Doctrine, Citgo, Orinoco basin

THE US AND RUSSIAN RESOURCE RIVALRY IN THE CONTEXT OF THE CONTEMPORARY VENEZUELAN CRISIS: THE PERILS OF THE RENTIER PETRO-STATE