Oil price is critical for Venezuela’s new president

Venezuela's new president Nicolas Maduro at his inauguration (photo:dpa)
Venezuela's new president Nicolas Maduro at his inauguration (photo:dpa)

Venezuela’s new president, Nicolas Maduro was hand-picked by Hugo Chavez to be his successor. He now follows the mixed legacy of his mentor but without his charisma or his political leadership abilities. The political landscape for Venezuela has many problems but everything is hinged to the world price of a barrel of oil.

NICOLAS Maduro, hand-picked by Venezuela’s Hugo Chavez as his successor, and interim president since March 2013, won the right to complete the presidential term – but only just.

The margin of victory in the presidential elections on April 14 - 270,000 votes in a country of 28 million - was much smaller than anyone anticipated and will make governing more ...

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