Venezuela Crisis: The Oil Rich Country in Trouble
The proven oil reserves in Venezuela are recognized as the largest in the world, totaling 299 billion barrels whereas Saudi Arabia has 266 billion barrels in its stock. Despite being an oil-rich country, Venezuela is facing severe socioeconomic and political crisis. Crime and violence are also widespread. In 2016, 27,479 people were killed - an all-time high - according to the independent group the Venezuelan Violence Observatory. A socioeconomic and political crisis has been taking place in Venezuela since 2010 under the presidency of Hugo Chávez and has continued into the current presidency of Nicolás Maduro. The opposition accuses President Nicolas Maduro of moving towards a dictatorship, and want him to resign. But Maduro says the opposition is conspiring with foreign entities, specifically the United States, to destabilize the country. In 2016, opposition lawmakers took a majority in the legislature—the National Assembly—for the first time in nearly two decades. ...