The conflict has driven up the price of oil and natural gas; damaged oil refineries, tanker terminals and other energy infrastructure; disrupted shipments of fertiliser that the world's farmers depend on; and damaged the confidence of businesses and consumers.
Venezuela's parliament has advanced a proposal to loosen the state's control over its oil industry and boost the private sector's role in the first major overhaul of the industry in years. The proposal to reform Venezuela's Hydrocarbons Law was thrust upon the country after the abduction of former President Nicolas Maduro by the United States on January 3 and had generated significant interest across businesses and political parties.