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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.
Topography of Venezuela. Agriculture in Venezuela has a much smaller share of the economy than in any other Latin American country. After the discovery of oil in Venezuela in the early 20th century to the 1940s, agriculture has declined rapidly, and with the beginning of large-scale industrial development in the 1940s, agriculture and land reform was largely neglected by successive governments ...
The recovery of oil prices in the early 2000s gave Venezuela oil funds not seen since the 1980s. [2] A destabilized economy led to a crisis in Bolivarian Venezuela, resulting in hyperinflation, an economic depression, shortages of basic goods and drastic increases in poverty, disease, child mortality, malnutrition, and crime. [3] [4]
Venezuela, [c] officially the Bolivarian Republic of Venezuela, [d] is a country on the northern coast of South America, consisting of a continental landmass and many islands and islets in the Caribbean Sea. It comprises an area of 916,445 km 2 (353,841 sq mi), and its population was estimated at 29 million in 2022. [18]
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 ...
Venezuela production of crude oil in oil barrels, 1965-2019. By 1940 Venezuela was the third largest producer of crude oil in the world with more than 27 million tonnes per year - just slightly less than the production in the USSR. [14] In 1941, Isaías Medina Angarita, a former army general from the Venezuelan Andes, was indirectly elected ...
U.S. President Donald Trump - who during his first term used a "maximum pressure" sanctions policy against President Nicolas Maduro - referred to Maduro as a dictator during the 2024 U.S. campaign.
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]