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.
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 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.
An outbreak of a mysterious hemorrhagic fever syndrome in the Venezuelan state of Aragua and the country’s capital Caracas has left ten people dead in the last three weeks. Reports indicate that nine people have so far succumbed to the disease in the northern state and a tenth person has died in the capital.
Venezuela's Bolivar currency hit a record low 100 to the U.S. dollar on the black market on Friday, making the dollar 16 times more expensive than the strongest official rate, according to a website that tracks it.
Venezuelan leader Nicolas Maduro has said he will travel to New York this week for his debut appearance as president at the United Nations General Assembly despite racist editorials against him in major US newspapers.
Uruguay's president Jose Mujica will be attending the next Mercosur presidential summit scheduled for Tuesday, 29 July in Caracas, when the creation of an economic forum Mercosur/ALBA/PetroCaribe will for consideration as part of the agenda.