The article aims to contribute to the developing of a theory of Foreign Policy for Venezuela that is recurring in nature, with higher levels of generalization, and capable of producing causal statements. In order to achieve such a purpose the following questions are considered: How important is oil and its market for domestic affairs and international relations that, in turn, affect Venezuelan Foreign Policy? How variation in international oil prices has affected the historical evolution of Venezuelan Foreign Policy? It is argued that continuities and discontinuities in the activity of Venezuelan Foreign Policy might be framed within a recurring pattern that depends on oil market and, particularly, on international oil prices.