Will Oil Market Shake After Maduro’s Capture by US Forces? Experts Weigh In (WATCH)

Former CEA Arvind Subramanian says US strikes on Venezuela won't affect the oil market. Separately, former UN envoy Dilip Sinha termed the detention of Nicolas Maduro an illegal 'abduction' and a violation of international law by the US.

Former Chief Economic Adviser to the Government of India, Arvind Subramanian, on Monday, asserted that the US strikes on Venezuela will not have much of an impact on the oil market. "The only thing I can say is that people say there won't be much of an impact on the oil market," he said.

US Action Criticised as 'Abduction'

Earlier on Monday, Former Indian permanent representative to the United Nations in Geneva, Dilip Sinha, criticised the US action in Venezuela, terming it a violation of international law and questioning Washington's legal authority to carry out such an operation. Speaking to ANI, Sinha said, "This is not technically an arrest, but an abduction. The US doesn't have jurisdiction in Venezuela. This is an abduction where a head of state has been kidnapped and taken to the US. It is a violation of international law."

Motive Linked to Oil Reserves

Expanding on his criticism, Sinha questioned the underlying motive behind the action, linking it to Venezuela's natural resources. "The reason he has settled on is taking claim to the oil reserves of Venezuela," Sinha said.

Concerns over the future of Venezuela's oil reserves emerged after US President Donald Trump on Saturday (local time) said that the oil companies in the United States will "spend billions of dollars" to fix the broken oil infrastructure in Venezuela and "start making money" for the South American nation. While addressing a press conference in Florida, Trump said the United States was in the "oil selling" business and would provide it to other countries interested in buying. "We're in the oil business. We're going to sell it to them (other countries). We'll be selling oil probably in much larger doses because they (Venezuela) couldn't produce very much because their infrastructure was so bad. So we'll be selling large amounts of oil to other countries, many of whom are using it now. But I would say many more will come," Trump said.

Maduro Detained in US Operation

The remarks come after US forces carried out a pre-dawn operation inside Venezuela, detaining deposed dictator Nicolas Maduro along with his wife, Cilia Flores, and transferring them to a US naval vessel before flying them to New York, the Trump administration has stated.

Maduro Arrives in New York for Court Appearance

Maduro and his wife, on Monday, arrived at a New York courthouse on Monday, where Maduro is expected to appear before a judge, CNN reported. Earlier in the morning, Maduro and Flores were transferred from the Metropolitan Detention Centre in Brooklyn to the courthouse.

They travelled by a combination of motorcade and helicopter, according to CNN. The two were seen wearing tan outfits and were heavily escorted by armed Drug Enforcement Administration (DEA) agents.

According to US authorities, deposed dictator Nicolas Maduro is expected to face multiple charges, including narco-terrorism, drug trafficking and weapons-related offences. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)