What resources does Venezuela need?

What resource is most important to Venezuela?

According to the CIA Factbook, natural resources of Venezuela include natural gas, iron ore, gold, bauxite, other minerals, hydropower, diamonds. However, the most plentiful is petroleum.

What does Venezuela’s economy rely on?

The Venezuelan economy is based primarily on the production and exploitation of petroleum. From the late 1940s to 1970 the country was the world’s largest petroleum exporter, and it was long one of the principal exporters of oil to the United States.

What are two important products in Venezuela?

Natural resources: Petroleum, natural gas, coal, iron ore, gold, other minerals, hydroelectric power, bauxite. Agriculture (5% of GDP): Products–rice; coffee; corn; sugar; bananas; dairy, meat, and poultry products. Petroleum industry (25% of GDP): oil refining, petrochemicals.

Why did Venezuela fail?

Political corruption, chronic shortages of food and medicine, closure of businesses, unemployment, deterioration of productivity, authoritarianism, human rights violations, gross economic mismanagement and high dependence on oil have also contributed to the worsening crisis.

Is Venezuela rich in resources?

Venezuela has the world’s largest proven oil reserves, totaling 302.81 billion barrels at the end of 2017. The country is a major producer of petroleum products, which remain the keystone of the Venezuelan economy.

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Why did Venezuela Oil prices fall?

Oil prices have been sliding since 2014 and exacerbating the country’s ongoing economic crisis that has pushed almost five million Venezuelans to leave the country, according to UN figures. Venezuela is almost entirely dependent on its oil revenues, which account for around 96 percent of its income.

Is Venezuela a rich or poor country?

Venezuela, once expected to be one of the richest countries in South America, has been crippled by socialist dictators and now suffers from widespread poverty. In fact, 82% of the population lives in poverty. With the largest oil reserves in the world, Venezuela’s economy has become solely dependent on oil.

What are the top 3 Imports of Venezuela?

Imports The top imports of Venezuela are Refined Petroleum ($938M), Rice ($242M), Corn ($199M), Rubber Tires ($168M), and Soybean Meal ($161M), importing mostly from China ($1.54B), United States ($1.23B), Brazil ($421M), Spain ($320M), and Mexico ($314M).

Who rules Venezuela today?

President of Venezuela

President of the Bolivarian Republic of Venezuela
Presidential Standard of Venezuela
Incumbent Nicolás Maduro since 10 January 2019
Style Mr. President (Señor Presidente) or His Excellency
Member of Cabinet

What is the most produced product in Venezuela?

Sugar cane was the most produced food commodity in Venezuela in 2019 followed by corn and milk. Venezuela produced over 4.3 million metric tons of sugar cane in 2019. Beef was the 10th most produced food commodity in Venezuela in 2019.