The economic and humanitarian crisis in Venezuela took a turn for the worse in the second half of 2017. Unofficial GDP and inflation measures — the country has long ceased to provide economic indicators — show a sharp deterioration. Declines in oil production and exports are accelerating....

Venezuela is at a breaking point. The political, economic, financial, social and humanitarian crisis that has gripped the country is intensifying. This unsustainable situation raises several urgent questions: Which path will the embattled OPEC country take out of the current turmoil? What type...