In a bid to resolve the growing dispute over the oil-rich region of Essequibo, Venezuelan President Nicolas Maduro and his Guyanese counterpart, Irfaan Ali, are set to meet on Thursday. The meeting will take place in Saint Vincent and the Grenadines, as confirmed by the Prime Minister of the Caribbean country, Ralph Gonsalves. Gonsalves also mentioned that Brazilian President Luiz Inacio Lula da Silva has been invited to attend the meeting at the request of both sides.

The tense situation in Essequibo has garnered attention from the international community, with mounting warnings against further escalation. The Community of Latin American and Caribbean States, which is currently chaired by Saint Vincent and the Grenadines, and the Caribbean Community will facilitate the meeting, as emphasized in Gonsalves' letter to Maduro and Ali. The prime minister emphasized the urgent need for de-escalation and the initiation of direct dialogue.

The dispute over Essequibo has intensified since Maduro's government held a controversial referendum last weekend, in which 95 percent of voters supported Venezuela's claim on the region, according to official results. The United States, Britain, Russia, and various South American countries have all called for de-escalation and a peaceful resolution to the conflict.

Notably, Ali and Maduro expressed conflicting views regarding the upcoming meeting. Maduro, on X (formerly Twitter), declared that he would defend Venezuela's historic rights and stand against lies, provocations, and threats. Ali, on the other hand, affirmed that Guyana remains fully committed to resolving the dispute through the International Court of Justice (ICJ) and not through direct negotiations with Maduro.

Guyana has governed Essequibo, which constitutes more than two-thirds of its territory, for over a century. The dispute escalated in 2015 when ExxonMobil discovered oil in the region, granting Guyana the world's largest crude reserves per capita.

Since the referendum, Maduro has initiated legal processes to establish a Venezuelan province in Essequibo and instructed the state oil company to issue extraction licenses for crude in the region. In response, the United States announced joint military exercises with Guyana, which Venezuela condemned as a provocation.

The situation has raised concerns throughout South America, known historically for its relative peace. In a joint declaration, Argentina, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, and Uruguay called on both parties to negotiate and seek a peaceful solution. Former Brazilian President Lula, in talks with Maduro, proposed that CELAC facilitate discussions between the two sides and warned against unilateral measures that could further escalate the situation.

The dispute poses a significant risk for Brazil, which has deployed additional troops to its northern borders with Guyana and Venezuela in response to the rising tension. Colombian President Gustavo Petro highlighted the potential explosiveness of the situation, emphasizing the importance of de-escalation.

As the international community closely monitors the situation, the meeting between Maduro and Ali offers a glimmer of hope for a diplomatic resolution to the long-standing dispute over the Essequibo region.