In the past few days, Spanish airline Iberia has resumed landing in Caracas, and American Airlines has also announced plans to return to Venezuela.

Paraguay, meanwhile, is building support to reverse the suspension of Venezuela's membership in the South American trade bloc Mercosur. "This is one of the initiatives we'd like to advance during Paraguay's pro-tempore presidency," Marco Riquelme, Paraguay's new minister of industry and commerce, said at a press conference in late March.

Should the initiative succeed, this would also impact the European Union, which recently closed a wide-ranging free trade agreement with Mercosur that's slated to go into effect on a provisional basis on May 1.

Not even four months after then-president Nicolas Maduro was removed from power in a controversial military operation by the US, Venezuela has seen economic conditions shift dramatically.

Oil industry a decisive factor