It has been confirmed opposition has won two thirds of votes on expense of ruling socialists in parliamentary elections in Venezuela. This election was videly seen as a referendum of support to the president in office Nicolas Maduro, hand- picked by his precedessor Hugo Chavez.
That clear election result means that Maduro’s policies can be now efficiently challenged by opposition.
Despite one of the biggest oil reserves in the world, the Venezuelan economy is in recession, inflation is arund 200%.
Venezuela is one of the most affected countries with falling oil prices as it relies heavily on oil exports. It was facing economic difficulties already when oil prices were exceeding 100 dollars per barrel. With oil prices below 40 dollars socialist reforms first introduced by president Chavez, notably education, health and food subsidies will be difficult to maintain.