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Venezuela Economy of Venezuela 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. Venezuela’s economy has relied on earnings from the petroleum sector to modernize and diversify other economic sectors; thus, “sembrando el petróleo” (“sowing the oil”) has been a national slogan since the 1940s. The development of rich deposits of iron ore, nickel, coal, and bauxite (the ore of aluminum), as well as hydroelectric power, further expanded the economy.

Distrito federalPuerto ordazUnited statesLake maracaiboCiudad guayanaEl tablazoPuerto cabelloGulf of venezuelaVenezuela generalMaracaibo lowlandsAndean communityLatin americaLatin americanOrinoco riverதிஸ்திரிதோ கூட்டாட்சியின்ப்வெர்டோ ஒர்டாஜ்