The US shale boom, China’s economic slowdown and a stronger dollar have contributed to a global glut of oil. That’s pushed prices below $30 a barrel to the lowest level since 2003 and weakened the economies of oil-dependent countries such as Venezuela, Russia, Nigeria and Mexico.

Now that Iranian oil exports are growing, following the lifting of international sanctions last month, and Iraq is cranking up output, there are fears that the continued oversupply could worsen and push prices as low as $10, even as oil-rich nations look to freeze production and stabilize prices.

The oil crisis has put serious strain on Venezuela’s finances. Crude is the main source of export revenue for the Latin American country, which has the world’s largest oil reserves. The 70 percent drop in oil prices since mid-2014 has deprived Maduro’s government of the funds it needs to pay for imports, fund social programs and service its debts.

Even though Venezuelans will still enjoy the cheapest gasoline in the world, Maduro has good reason to be worried about how the public responds to the price hike.