Changes

Economic prospects remain highly dependent on oil prices and the export of petroleum. Venezuelan oil is heavy and costly to retrieve. Dilution fluids or steam are needed to bring it to surface and to transport it to markets.<ref>[https://archive.ph/lVS1f#selection-1177.0-1236.0 Donald Trump’s great Venezuelan oil gamble], ''[[The Economist]]'', Jan 4th 2026.</ref>

Economic prospects remain highly dependent on oil prices and the export of petroleum. Venezuelan oil is heavy and costly to retrieve. Dilution fluids or steam are needed to bring it to surface and to transport it to markets.<ref>[https://archive.ph/lVS1f#selection-1177.0-1236.0 Donald Trump’s great Venezuelan oil gamble], ''[[The Economist]]'', Jan 4th 2026.</ref>

===Situation prior to 2007===

====Situation prior to 2007====

In 2005, the oil sector accounted for roughly 15% of GDP, 90% of export earnings, and about half of the central government's ordinary revenues. Venezuela remains the fourth-leading supplier of imported crude and refined petroleum products to the United States. The Venezuelan government has sought more income from the petroleum sector. The first example was a [[unilateral]] decision in late 2004 to increase the royalty rate on production from the Orinoco heavy crude "strategic associations" with international oil companies from 1% to 16.67%.

In 2005, the oil sector accounted for roughly 15% of GDP, 90% of export earnings, and about half of the central government's ordinary revenues. Venezuela remains the fourth-leading supplier of imported crude and refined petroleum products to the United States. The Venezuelan government has sought more income from the petroleum sector. The first example was a [[unilateral]] decision in late 2004 to increase the royalty rate on production from the Orinoco heavy crude "strategic associations" with international oil companies from 1% to 16.67%.

[[File:Plataforma gas venezuela oil.jpg|left]]

[[File:Plataforma gas venezuela oil.jpg|left]]