Venezuela is reeling under political turmoil fuelled by an economic crisis due to falling oil prices, and President Nicolas Maduro’s attempts to gag the Opposition. In the latest turn of bloody events, deadly clashes have broken out between pro- and anti-government protesters. Mr. Maduro, who was elected to succeed the charismatic Hugo Chavez in 2013, is fighting efforts to force him out of power and blames the crisis on an “economic war” by U.S.-backed business interests. Here’s what you need to know:

What is the economic situation in Venezuela?

Home to the world’s largest oil reserves, Venezuela has skidded to the brink of economic collapse as low crude prices have laid bare its overwhelming dependence on its chief export. World Bank Data puts its GDP growth rate at 1%, after having seen -11.6% in 2016. IMF has said inflation may rise 1,660% this year and 2,880% in 2018, according to a CNN report. It also has only $10.5 billion left in foreign reserves. The current crisis is often blamed on Chavez’s subsidies, large-scale nationalisation of companies and mismanagement of finances, compounded by Maduro’s own follies.

Venezuela’s President Nicolas Maduro uses binoculars during a rally in Caracas on April 19, 2017. | Photo Credit: Reuters

Who is against whom?

Since 2014, pressure on Mr. Maduro has been mounting as the economic crisis has left the country torn between die-hard “Chavistas” (leftist supporters of the former President) and an increasingly outraged majority no longer willing to forgive the socialists’ excesses in return for government handouts.

As the economy worsened, the centre right-led Opposition won control of the legislature in elections in December 2015. That set the stage for an intensifying political struggle as Mr. Maduro resisted lawmakers' efforts to legislate against him. Mr. Maduro resisted opposition efforts to hold a referendum in time to remove him from power before the end of his term. Vatican-mediated negotiations also broke down with the sides accusing each other of bad faith.

The crisis escalated on March 30, 2017 when the Supreme Court tried to take over the powers of the National Assembly, the only lever of government Mr. Maduro and his allies do not control. The court partly backtracked after an international outcry, but the tension only increased when authorities slapped a political ban on opposition leader Henrique Capriles on April 7, 2017.

Venezuelan opposition leader and Governor of Miranda State Henrique Capriles tries to catch his breath after being affected by tear gas while participating in the so-called “mother of all marches” against Venezuela’s President Nicolas Maduro in Caracas on April 19, 2017.

What was the “bread war” in early March 2017?

The government heavily subsidises imports of basic food products such as flour via an artificially high exchange rate. But plummeting oil revenues mean the dollars needed to keep the scheme going are in short supply.

The crisis escalated in March 2017, in what Mr. Maduro dubbed as a “bread war”. Bread had become all but impossible to find at many Venezuelan bakeries, which said Mr. Maduro’s government was not importing enough flour for them to make it. Not so, Mr. Maduro’s government insisted, accusing bakeries of hoarding flour to destabilise his government and using it in expensive cakes and pastries rather than cheap, subsidised bread. Besides, Mr. Maduro fanned out Army, police and uniformed civilian militias to crack down on “erring” bakeries.

What was the “mother of all marches”?

Anti-government protesters march along a highway in Caracas on April 19, 2017. | Photo Credit: AP

Hundreds of thousands of Opposition supporters flooded the streets of Caracas and Provincial cities on April 19, the latest and largest in several weeks of protests, —dubbed the “mother of all marches” — against what they condemn as the government’s lurch toward dictatorship.

Government officials dismissed the protests, characterised by street barricades and clashes with security forces, as violent and lawless efforts to overthrow Mr. Maduro's government with the backing of ideological adversaries in Washington.

Two students and a National Guard officer were killed in the April 19 demonstrations. Rights group Penal Forum said more than 500 people had been arrested.

What lies ahead?

The Opposition called for renewed nationwide protests to pressure the government of to hold elections and improve a collapsing economy. Mr. Maduro’s critics increasingly doubt that the ruling Socialist Party, which was soundly defeated in 2015 legislative elections, will allow for free and fair elections. The ballot for State Governors has been delayed since 2016 and elections authorities have not announced when it will be held.

The push to keep up constant demonstrations increasingly mirrors protests in 2014 in which Mr. Maduro's critics barricaded streets and battled police for close to three months. That effort ultimately faded amid protester fatigue and a heavy state crackdown.

(With inputs from agencies)