How Venezuela’s Presidential Standoff Fizzled Out

For a time, it wasn’t entirely clear who was in charge of Venezuela. Two men claimed to be president, each with domestic and international backers. The campaign to replace President Nicolas Maduro has fizzled, however. Protests have subsided as Venezuelans struggle to cover their most basic needs amid an economic collapse featuring power outages, water shortages, and even insufficient gasoline in the country with the largest oil reserves in the world.

While Maduro and opposition leader Juan Guaido both claim to be president, Maduro maintains control of key assets including the military, media, police and state-run oil company Petroleos de Venezuela SA, or PDVSA. Guaido, the president of the opposition-led National Assembly, announced early last year that he had assumed Maduro’s powers atop a caretaker government until new elections could be held. His move was quickly recognized by the U.S., Brazil, and dozens of other countries, but his popularity has since taken a dive because he’s failed to deliver the quick transition he promised. His ties to a botched raid led by a retired member of the U.S. army special forces in late April deepened his credibility problem. Russia has continued to recognize Maduro as Venezuela’s rightful leader, as have China and Turkey, among others.