Pundit explains the political crises in Venezuela

Venezuela is facing political turmoil. This is because two political leaders both claim to be the country's legitimate president.

Opposition leader Juan Guaidó says the re-election of Nicolás Maduro in 2018 was rigged.

READ:'It's an enormous moment for Venezuela, Latin America’s first failed state'

Professor Patrick Bond, professor of political economy at the Wits School of Governance says the opposition leader Guaidó had little support over the elections as compared to Madura who received support from 30% of the country.

However, when Guaidó declared himself the president, about 20 countries including the USA, Britian, Canada and many Latin American countries including neighbours Brazil and Colombia backed him.

Professor Patrick Bond, Wits School of Governance

He adds that the crucial thing is that Venezuela has the largest oil reserves in the world, but production levels are at a 70-year low.

The price of oil in that country at its peak was $148 a barrel and has now gone down to $26 a barrel because of this political turmoil.

He believes that the country relied too much upon exporting oil leading to its economy collapsing.

Listen below to the full interview:


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