The petroleum sector dominates Venezuela's mixed economy, accounting for roughly a third of GDP, around 80% of exports and more than half of government revenues. Gold, diamonds and iron ore are mined as well. Venezuela contains some of the largest oil and natural gas reserves in the world. It consistently ranks among the top ten crude oil producers in the world.[26]
The country's main petroleum deposits are located around and beneath Lake Maracaibo, the Gulf of Venezuela (both in Zulia), and in the Orinoco River basin (eastern Venezuela), where the country's largest reserve is located. Venezuela has the least expensive petrol in the world because of its high government subsidies.
Inflation has been a problem. It was expected to slow to 26% annually in 2009, according to the president of the national bank, Nelson Merentes
Mon Sep 06, 2010 5:33 pm