Venezuela experienced many dramatic events in recent decades. There was the "Bolivarian Revolution" started by Hugo Chávez, who was elected president in 1998 and introduced a socialist system to the country. There were also attempted coups, violent protests, and severe economic crises — despite the fact that Venezuela has the largest oil reserves in the world.
After the illness and death of Hugo Chávez in 2013, Nicolás Maduro succeeded as president. The former bus driver and socialist set himself the goal of continuing Venezuela's socialist revolution, at any cost.
His rule has been authoritarian. Corruption within Venezuela's state elite and mismanagement are widespread. Years of poor economic decisions have driven the country to ruin under Maduro's presidency. Millions of people in Venezuela are impoverished, and many have fled to neighboring countries.
Yet despite opposition attempts to force him out, Maduro has survived. He was declared the winner in Venezuela’s 2024 presidential elections in July - this, although the parliament had tried to remove him from office in 2017 already. People took to the streets to demand his resignation back then and this year again.
However, none of this seems to have affected Maduro - and following Russia’s invasion of Ukraine, and the resulting rift between Russia and North America and Europe, the international geopolitical situation has changed. The world is more desperate for oil than ever; and a vast quantity of oil is lying dormant underground in Venezuela.
