BBC News: What Lies Ahead for Divided Venezuela?

Venezuela is in crisis even though it has the largest proved oil reserves in the world. The country depends heavily on oil revenues and mismanaged the industry. President Nicolás Maduro, in office since 2013, lacks control and credibility. Election results of assembly members charged with changing the constitution are suspect: The government claims that more than 40 percent of the electorate turned out while the opposition, which boycotted the vote, contends the turnout was less than half the number reported. Irregularities were reported, and “Perhaps the biggest [challenge] is that every opposition supporter, and many millions of ordinary Venezuelans, simply do not believe the result,” reports Will Grant for BBC News. Colombia and Argentina are among the countries in the region that do not recognize the results. US ambassador to the United Nations Nikki Haley contends the election puts Venezuela "another step toward dictatorship." Grant reports that Venezuelans are weary of months of food shortages, inflation and violence, and the opposition lacks a clear leader. The United States announced new sanctions, including a freeze on any Maduro assets under US jurisdiction and vowed to incude any individuals who participate in the assembly. – YaleGlobal