Analysts agree that the Venezuelan president will need to put aside some of his anti-imperialist jargon and socialist practices to stay in play.
The United States will now be able to impose punitive measures on Venezuelan government officials involved in a crackdown on protesters against the Maduro administration, or on those who have carried out acts of violence or violated the human rights of political opponents.
The US House of Representatives passed legislation to impose sanctions on Venezuelan government officials found to have violated protesters' rights during demonstrations earlier this year.
Venezuela has indicted hard-line opposition leader María Corina Machado on charges of sedition claiming she took part in an alleged plot to kill president Nicolas Maduro, the state prosecutor's office confirmed.
The International Monetary Fund (IMF) says it is monitoring the potential impact any changes to PetroCaribe, Venezuela’s oil alliance with several Caribbean islands will have on regional economies.
Venezuela needs a 'major social agreement' to adjust its economy and overcome the current and persistent political conflicts in the country, said Ernesto Samper, chairman of Unasur (Union of South American Nations) during a visit to Brasilia.
Venezuela recalled its ambassador to Spain to protest interventionist declarations made by Spanish Prime Minister Mariano Rajoy, the Venezuelan News Agency (AVN) said on Tuesday.
Venezuela's Finance Minister Rodolfo Marco said on Tuesday that the Mercosur member was fully prepared to cope with price volatility on the global oil market and would honor a 3 billion dollar bond payment due next week.
The global oil market slump looks likely to continue, with prices possibly nearing 70 dollars a barrel in the short term, an official of Russian gas producer Gazprom said. Crude fell more than on dollar a barrel on Thursday to a four-year low below 83 a barrel as growing concerns over the global economy stretched a four-month rout.
Venezuela celebrated on Thursday as a great diplomatic success and a victory of Hugo Chavez, having been voted by the UN General Assembly to join the Security Council for two years as a non permanent member.