Nicolás Maduro, Chavez's chosen socialist successor for his "Chavismo" movement, has struggled to secure his leadership amid spiralling inflation and food shortages. Clashes between security forces and anti-government protesters last week resulted in three deaths and more than 100 arrests.
Strategists warned on Monday that Maduro would be unable to meet protesters' demands, which focus on reining in inflation, improving citizen security and ending goods shortages, and that this could result in his deposal.
"It is entirely possible that Maduro could be ousted. His administration is fundamentally incapable of addressing the protestors' demands – a reality that his opponents (within Chavismo) could use against him to justify a military coup," Ford Tanner, senior analyst at IHS Energy Insight, told CNBC via email.
The instability in Venezuela has resulted in production shortfalls, leading to increasing import-dependence – a scenario Ukraine also risks, Commerbank said in a research note last week.
(Read more: Volatile Ukraine may now face default risk)
Venezuela's biggest private food producer, Empresas Polar, has also warned it faces difficulties importing raw materials, because of U.S. dollar currency shortages in the country.
Harry Colvin, a senior economist at Longview Economics said the risks of an ouster were rising, pointing to the sharp devaluation of the country's currency, the bolivar, as indicative of growing pressure. The bolivar has fallen to 87.7 per U.S. dollar in the black market, down 37 percent on the year – and more than 1,000 percent down since mid-2010.
Depreciation in bolivar since June 2010