Venezuela, once a prosperous nation, has faced years of economic decline and political repression. On July 28, the country will hold elections in which President Nicolás Maduro, widely labeled a dictator on the international stage, will seek a third term.
The Republic of Venezuela is named after Simon Bolívar, a national icon known as “El Libertador” for his role in helping South American colonies gain independence from Spain in the early 20th century. Bolívar inspired the military leader Hugo Chávez, an ally of the late Cuban leader Fidel Castro. Chávez ruled from 1999 until his death from cancer in 2013, using the country’s oil wealth to lift millions out of poverty.
However, many authoritarian figures are threatened by professional and critical journalism, which is a cornerstone of democracy. This truth often irritates those who consider themselves the custodians of all knowledge.
Maduro’s regime is seen as tyrannical, having presided over an unprecedented economic collapse partly caused by plummeting oil prices and American sanctions, which were imposed in response to his repressive actions against the opposition. His re-election in 2018 was deemed illegitimate by many Western and Latin American countries. Struggling to retain support as Chávez’s legitimate successor, Maduro initially won his first election by a narrow margin.
Since then, he has navigated through one crisis after another, ruling autocratically and consolidating power while the average Venezuelan’s living conditions worsened. Millions have fled the country amid a dire economic situation characterized by hyperinflation and severe shortages, exacerbated by the failed oil boom and declining global oil prices.
As hopes for democratic reforms in these elections dwindled, Maduro barred his main opposition rival from running, alleging corruption—claims that have been dismissed as false.
Venezuela is still perceived as one of the most dangerous countries globally, although the situation has evolved. Four years ago, the government launched an offensive against gangs operating in marginalized neighborhoods and prisons. As a result, violent deaths fell significantly last year, though experts warn that gang-related extortion is on the rise.
The oil industry’s history in Venezuela dates back to the late 19th century, with oil becoming the nation’s primary export by the 1920s. The state oil company, Petróleos de Venezuela (PDVSA), was formed in 1976 after the nationalization of the oil industry. Most infrastructure projects were funded by oil revenue. However, the arrival of Chávez marked a turning point, with growing corruption and mismanagement leading to disastrous decisions, including the firing of 20,000 skilled workers after a strike in 2003-2004, which severely affected production and maintenance.
Despite initial increases in production, which peaked at 3.5 million barrels a day in 2008, the output plummeted to around 400,000 barrels per day, plunging the country into an unprecedented economic crisis.
Maduro’s presidency has been marked by alleged imaginary and real threats, including a failed drone attack in 2018. Activists claim he has ruthlessly suppressed protests against his harsh regime and the worsening economic conditions, which escalated as his government had to cut social spending under pressure.
Under Maduro, Venezuela has seen tighter controls over the judiciary, legislature, military, and state institutions. The president has benefited from close ties with authoritarian international allies like China and Russia, which have helped keep the country afloat.
Maduro has often shifted blame for Venezuela’s issues onto external forces, perpetuating anti-American conspiracy theories from Chávez’s era. His administration is accused of systematically closing off dissent, imprisoning dissidents without due process. His main opponent, María Corina Machado, won her party’s primary but has been barred from public office due to charges she and others label as false.
Venezuela is currently under investigation by the International Criminal Court for human rights violations. Maduro has skillfully used state media to promote his messages while attempting to cultivate a connection with a long-suffering populace, even creating a popular cartoon character in his image.
The dire situation worsened in 2018 when U.S. sanctions targeted the oil industry in response to Maduro’s disputed re-election. However, the pressures on global oil supply due to conflicts in Ukraine and the Middle East led the U.S. to ease some sanctions, although maintaining a stance for democratic transition. A deal between the government and the opposition to hold elections in 2024 resulted in temporary sanctions relief, which was later reinstated when the national electoral council retracted invitations to EU observers.
In response, Venezuela has sought new alliances with countries like Russia, Iran, and China to boost its oil production. Currently near one million barrels daily, this production still requires significant investment for further growth. The deteriorating state of oil infrastructure poses serious environmental risks due to ongoing spills in key basins.
With around 300 billion barrels of crude, Venezuela holds the largest oil reserves in the world, contained mainly in two basins: the historical region around Zulia and Falcón, and the Orinoco Oil Belt of heavy and extra-heavy crude. PDVSA’s president, Pedro Tellechea, claims the country is experiencing a renaissance in its oil industry and aims to reclaim international market share while enhancing gas reserves to support a transition to energy sustainability.
The country has seen an exodus, with about one in four Venezuelans—around seven million individuals—fleeing to escape the political and economic turmoil. Many have relocated to other Caribbean and Latin American nations, while some undertake perilous journeys through Central America and Mexico to reach the United States. A few have moved to Europe or Asia, often bringing with them the traditional arepa, a cornmeal flatbread that has gained popularity worldwide as a gluten-free option.
This situation has led to deep concerns about the future of Venezuela and its people amid ongoing struggles for democracy and stability.
Source: https://www.perfil.com/noticias/internacional/el-legado-de-nicolas-maduro-en-venezuela-colapso-economico-sanciones-internacionales-crimen-y-exodo.phtml
