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The economy of Venezuela is based primarily on petroleum, making the country the 25th largest producer of oil in the world and the 8th largest member of OPEC. Venezuela also manufactures and exports heavy industry products such as steel, aluminum, and cement. Other notable manufacturing includes electronics and automobiles as well as beverages and foodstuffs. Agriculture in Venezuela accounts for approximately 4.7% of GDP, 7.3% of the labor force and at least one-fourth of Venezuela's land area. Venezuela exports rice, corn, fish, tropical fruit, coffee, pork and beef. Venezuela has an estimated USD$14.3 trillion worth of natural resources and is not self-sufficient in most areas of agriculture. Exports accounted for 16.7% of GDP and petroleum products accounted for about 95% of those exports.
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Petróleos de Venezuela, S.A. is the Venezuelan state-owned oil and natural gas company. It has activities in exploration, production, refining and exporting oil as well as exploration and production of natural gas. Since its founding on 1 January 1976 with the nationalization of the Venezuelan oil industry, PDVSA has dominated the oil industry of Venezuela, the world's fifth largest oil exporter.
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The Venezuelan general strike of 2002–2003 was an attempt by the Venezuelan opposition to President Hugo Chávez to summon a new presidential election. It took place from December 2002 to February 2003, when it faded. The government fired over 18,000 PDVSA employees and arrest warrants were issued for the presidents of the striking organizations. The main impact of the strike derived from the stoppage of the oil industry, in particular the state-run PDVSA, which provides a majority of Venezuelan export revenue. The strike was preceded by the 2002 Venezuelan coup d'état attempt in April 2002, and a one-day strike in October 2002.
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Emma Beatriz Brossard was an American professor of politics and government at the Louisiana State University at Baton Rouge and noted expert on the Venezuelan oil industry. She authored four monographs on the Venezuelan oil industry and its history. She was known for her criticisms of the Hugo Chavez administration and its policies in governing the Venezuelan oil company Petróleos de Venezuela, Sociedad Anónima (PDVSA).
References
- 1 2 3 "Viergutz, Alan J." Latin American Herald Tribune. Retrieved 15 August 2013.
- ↑ Larry Rohter (7 April 2000). "Venezuelan Calls Tune In OPEC's Price Tactics". The New York Times . Retrieved 15 August 2013.
- ↑ Greg Morsbach (10 June 2002). "Venezuela pins hopes on new oil chief". BBC . Retrieved 15 August 2013.
- ↑ Kristin McHugh (29 June 1999). "The Changing Landscape in Venezuela". Common Ground Radio. Retrieved 16 August 2013.
- ↑ "OIL POLITICS OF Bolivarian Revolution" . Retrieved 16 August 2013.
- ↑ Christina Hoag (1 May 2000). "Slipping on oil: Despite a US$4 billion windfall, Venezuela's oil industry is not necessarily booming. Just ask Centec Chairman Alan Viergutz". Latin CEO: Executive Strategies for the America. Retrieved 15 August 2013.
- ↑ Howard LaFranchi (28 December 1999). "The nation driving up oil prices". The Christian Science Monitor . Retrieved 15 August 2013.
- ↑ Alan J. Viergutz (2002). 1995-2001, Years of Upheaval in the Venezuelan Oil Industry. Grupo Centec. Retrieved 15 August 2013.
- ↑ "Venezuelan Oil Chief Resigns". Associated Press. 30 August 1999. Retrieved 16 August 2013.
- ↑ Marc Lifsher (12 April 2002). "Venezuela's President Chavez Is Ousted in Military Uprising". The Wall Street Journal . Retrieved 16 August 2013.
- ↑ Alejandro Barbajosa (1 June 2004). "Brent Crude Oil Jumps After Saudi Attack Adds to Supply Concern". Bloomberg News . Retrieved 16 August 2013.
- ↑ "Executives Profiles: Alan Viergutz" . Retrieved 20 August 2013.
- ↑ Bandell, Brian (9 June 2021). "Oil executive from Venezuela buys Key Biscayne mansion for $11M (Photos)". The Business Journals. Retrieved 9 June 2021.