Venezuela sits atop one of the largest proven oil reserves in the world, a fact that fundamentally shapes its economy, politics, and global standing. Production levels have plummeted, infrastructure is crumbling, and international companies have largely withdrawn.
Venezuela's Oil Journey: From OPEC Founding to Modern Challenges
But when prices fall, as they did dramatically in the 2010s, the economy collapses. Economic and Social Consequences The reliance on oil revenue has created a "resource curse" scenario for Venezuela.
Millions of Venezuelans have fled the country in search of stability, turning one of Latin America's wealthiest nations into a humanitarian crisis. For much of the 20th century, it was a reliable and prolific exporter, using petrodollars to fund social programs and build infrastructure.
Venezuela's Oil Journey: From OPEC Founding to Modern Struggles
While some foreign investment has trickled back in through special agreements, the road to recovery is long and arduous. The country was a founding member of OPEC, cementing its role in the international oil market.
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