The root causes of instability in Venezuela, the "kingdom of black gold".

The assassination attempt, though unsuccessful, highlights the escalating political instability in this South American nation and highlights the greater challenge than ever before in maintaining national control for President Maduro.

Venezuelan President Nicolas Maduro was protected from an assassination attempt during a military parade on August 4th. Photo: AP

Who carried out the assassination?

An event symbolizing Venezuela's national strength suddenly descended into chaos and panic after a large explosion triggered by two drones. Authorities in the South American nation believe the attack was an assassination attempt on President Nicolas Maduro.

The incident immediately shocked Venezuela and attracted international attention. The biggest question was, "Who carried out this assassination?" To date, all possibilities and suspicions have been raised, but there is no official answer.

Speaking on television after the attack, President Maduro accused right-wing groups with ties to Colombia of being behind the incident, and said that several individuals involved had been arrested.

Maduro's accusation of Colombia's involvement is not surprising, given the long-standing animosity and mistrust between the two neighbors.

Colombia frequently accuses Venezuela of providing refuge to Revolutionary Armed Forces of Colombia (FARC) rebels, while Caracas claims Bogota is backing Washington in plotting to overthrow it.

However, in response to Maduro's statement, a source from the Colombian presidential palace said it was an "unfounded" accusation.

The US also denied any involvement in the assassination plot against Maduro and expressed suspicion that the Venezuelan government was acting on its own initiative. These statements from President Maduro suggest that relations between his country and the US and Colombia will enter a new spiral of tension.

Meanwhile, the Flannel Soldiers—a mysterious rebel group composed of both civilians and military personnel in Venezuela—have claimed responsibility for the assassination plot.

The Flannel Soldiers were formed in 2014 with the aim of uniting movements opposing President Maduro's policies. Before the failed assassination attempt, very few people knew of their existence.

Security was tightened following the attack at the military parade in Caracas on August 4th. Photo: Getty

In a statement issued on August 5, the group claimed to have carried out the attack to protest President Maduro's policies, which have plunged the country into a severe economic crisis.

There are also some sources speculating that the Maduro government staged the attack to create a pretext for suppressing its opponents.

The lack of special security measures deployed at the scene of the attack on August 5th raises doubts about the investigation.

Regardless of who or what force was behind the assassination attempt on the Venezuelan president, the attack on a major national celebration was clearly aimed at generating widespread public attention both inside and outside the South American nation.

From an objective standpoint, acts of political violence, regardless of their motives or purposes, must be condemned.

The challenge for the left-wing government.

The assassination attempt on President Maduro occurred amidst Venezuela's ongoing challenges from both within and outside the country.

Regarding the political situation, the divisions between Venezuelan parties have deepened, especially after the presidential election last May, which secured Maduro's victory for a second term.

Despite winning, Maduro did not achieve the high percentage of votes he had in the previous presidential election, and voter turnout was low. Following the election, some opponents from opposition parties declared they did not recognize the final results. These developments clearly pose a disadvantage and significant risks to Maduro's power base and position.

Maduro declared there would be “maximum punishment” for those who plotted the assassination. Photo: AFP

While the political situation remains unstable, the escalating economic crisis seems to be stifling Venezuela's vitality. The nation of 30 million people is suffering from hyperinflation, shortages of food, essential goods, and medicine.

Recently, the International Monetary Fund asserted that Venezuela's inflation rate could reach one million percent, equivalent to the crises in Germany in the 1920s and in Zimbabwe in the 2000s.

In other countries, leaders might expect to revive the economy through measures such as promoting trade cooperation and increasing investment.

However, Caracas is facing a blockade and sanctions from the United States and the European Union, making it impossible for neighboring countries and partners to cooperate with Venezuela.

From a prosperous nation thanks to "black gold" and a leading member of the Organization of Petroleum Exporting Countries, Venezuela has suffered heavy losses due to falling oil prices and economic policies that failed to adapt in time.

Not long ago, Venezuela itself witnessed political violence following the death of leader Hugo Chavez in 2013.

Ahead of the presidential election that same year, Maduro, then acting president of Venezuela, accused the United States of plotting to assassinate opposition leader Henrique Capriles in order to cause chaos and instigate a coup.

Around this time, Maduro also stated that he was the target of an assassination attempt by mercenaries from El Salvador who had infiltrated Venezuela.

Now, as Venezuela faces mounting challenges, the recent assassination serves as a wake-up call for the current left-wing government in Caracas. Without measures to overcome these challenges, the situation will become even more complicated for Maduro, compounded by negative internal factors and external pressure.

To stabilize the country and overcome challenges, the unity of all its citizens is crucial for Venezuela right now. Furthermore, recent events present a challenge for Venezuelan authorities in promoting economic and social reforms to maintain public confidence in the leadership of the left-wing government, headed by President Nicolas Maduro.