What’s next for Venezuela?


21st May 2018

Diego Moya-Ocampos, principal analyst, IHS Markit
U.S. sanctions are likely against Venezuela’s oil sector after the 20 May presidential election in which incumbent President Nicolás Maduro secured re-election to extend the mandate of the ruling United Socialist Party of Venezuela (Partido Socialista Unido de Venezuela: PSUV) for six more years.
In the poll, the PSUV took advantage of the control it exercises over the National Electoral Authority (Consejo Nacional Electoral: CNE) and the armed forces, but the opposition and the international community are not recognising the results under claims of electoral fraud.
Maduro’s mandate is unlikely to be recognised by the opposition and the international community
Including Canada, the European Union, the United States, and most Latin American countries including Argentina, Brazil, Chile, Colombia, Panama, and Peru. The U.S. Department of State issued a statement on 20 May claiming it will not recognise the results. The US and most democratic countries in the Americas and Europe had refused to acknowledge the election, calling for its postponement and for the appointment of a new CNE and reform of the electoral system.
The opposition candidate, Henri Falcon from the Progressive Advance (Avanzada Progresista: AP), had been expelled from the most representative opposition coalition, Democratic Unity Roundtable (Mesa de la Unidad Democrática: MUD), which had been boycotting the election and calling it a …

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