Venezuela has the world's largest proven oil reserves at an estimated 304 billion barrels as of 2020. The country was once one of the world's largest exporters of oil. Oil production peaked in the lat
Juan Vicente Gómez
The main office of the Mene Grande Oil Company was built in 1951.
Former Venezuelan President Hugo Chávez
Bolivarian propaganda supporting Chávez on the PDVSA Towers in Maracaibo
Dutch disease
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In economics, Dutch disease is the apparent causal relationship between the increase in the economic development of a specific sector and a decline in other sectors. The term was coined in 1977 by The
History of the Venezuelan oil industry
…higher production of oil sands, and transfer pricing. "There is no question that Venezuela under Chávez came to experience one of the worst cases of Dutch Disease in the world." After Hugo Chávez took office in February 1999, several policy changes involving the country's oil industry were made to explicitly tie…
The Groningen gas field in 1963