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The country is a major producer of petroleum products, which remain the keystone of the Venezuelan economy. The International Energy Agency shows how Venezuela's oil production has fallen in the last years, producing only 2,300,000 barrels (370,000 m 3 ) daily, down from 3.5 million in 1998.
Exports of goods and services (US$ million) by country [1]; Country Exports Year Top goods export (2021) [2] [needs update] China 3,511,248 2023 Broadcasting equipment United States
Venezuela has experienced an oil dependency for an extended part of their history, but in the recent years, their focus has shifted over to gold. [2] As a part of the 2016 settlement of a dispute over withdrawal of a gold concession to Gold Reserve, a Canadian mining company, the government entered into a joint venture to exploit the Brisas mine and Las Cristinas goldmines.
The United States has been Venezuela's most important trading partner despite the strained relations between the two countries. American exports to Venezuela have included machinery, agricultural products, medical instruments and cars. Venezuela is one of the top four suppliers of foreign oil to the United States.
CARACAS/VALENCIA, Venezuela (Reuters) - Unilever's factory in the outskirts of the northern Venezuelan city of Valencia once bustled with activity as it produced everything from soap to toothpaste ...
The first commercial drilling for oil in Venezuela occurred in 1917, however the existence of oil was known before this. Along with the oil boom of the 1920s, World War I was important in triggering Venezuelan oil production [1]. Shortly after this, the oil boom of the 1920s meant Venezuela became the wealthiest state in Latin America. [1]
Conoco has won court orders allowing it to seize PDVSA assets on Caribbean islands, including Curacao, in efforts to collect on a $2 billion arbitral award linked to the 2007 nationalization of ...
In 2010 Venezuela reportedly produced 3.1 million barrels of oil daily and exporting 2.4 million of those barrels per day. Such oils exports brought in $61 billion for Venezuela. [8] However, Venezuela only owned about $10.5 billion in foreign reserves, meaning that its debt remained at $7.2 billion when 2015 rang out. [9]