Venezuela is in economic ruin as overdependence on their oil industry has led to a collapse of their export volume. Since oil exports account for over 50% of Venezuela’s GDP, a decrease in oil prices would greatly decrease the profits of Venezuela’s oil exports. Due to overproduction and more counties beginning to export oil, the value of oil dropped significantly. This, paired with less trade from the US and her allies, has caused not only the Venezuelan economy to collapse, but the bolivar currency as well. In the midst of this economic turmoil, the newly elected Venezuelan president, incumbent Nicolás Maduro, was sworn into office for a second consecutive term. This election has drawn attention from many other counties including many from the European Union and NATO. Why has this election become so hotly contested? Simply because both foreign leaders and the Venezuelan people themselves believe the election results were corrupted by Maduro’s regime.

Extreme food shortages coupled with a worthless currency have led many to the brink of starvation in what was once the richest country in South America. Attempts by the US to aid the Venezuelan people have been made, but due to the Venezuelan military’s blockade, no supplies can make it through. Obviously, the Venezuelan people want change, so the re-election of Maduro was a warning sign to the world that something fishy was going on. Maduro’s past actions contribute to the negative view of his administration. In July of 2017, Maduro’s socialist party or United Sociality Party Of Venezuela, took control of the congressional body, giving him control over two thirds of the government. President Trump condemned this power grab, likening Maduro to a ‘dictator’. The shady actions of Nicolás Maduro’s administration and his inability to stabilize the economy has caused opposition parties to grow en masse. Will the world reject Maduro as Venezuela’s president, or will negotiations paired with financial restructuring save the troubled country? Find out next week in our update on this Venezuelan crisis.