Venezuela, a Latin American country rich in oil reserves, is experiencing an unprecedented economic crisis. Nicolas Maduro is vying for a third term in the presidential election on July 28.
From Simon Bolivar to “Chavismo”
For 25 years, Venezuela has carried the name of its national hero Simon Bolivar, born in Caracas and known as the “Liberator” for his crucial role in the independence of several South American countries from Spanish rule in the early 19th century.
The nation changed its name to the “Bolivarian Republic of Venezuela” with the 1999 constitution, marking the beginning of Hugo Chavez‘s 14-year presidency. His socialist agenda was inspired by Bolivar’s legacy.
Chavez, a former paratrooper lieutenant colonel, built his popularity on numerous social programs in healthcare, education, and housing. Critics accused him of demagoguery, economic mismanagement, and using state resources to stay in power.
After Chavez’s death from cancer at 58, his successor, Nicolas Maduro, took office in 2013. Faced with a severe economic crisis, Maduro reduced social spending and relies on the military and security apparatus to govern.
World’s Largest Oil Reserves
In 2023, Venezuela maintained its status as the country with the largest oil reserves, according to the annual estimates by the American weekly “Oil and Gas Journal”. With an 8% increase in reserves, it ranked as the 21st largest producer globally, moving up one spot in a year.
The country’s crude oil production, which peaked at 3.5 million barrels per day (bpd) in 2008, had plummeted below 400,000 bpd by 2020 due to poor management and lack of investment in the industry.
U.S. sanctions, including an oil embargo aimed at ousting Maduro, further complicated the situation. Although sanctions were eased in October 2023, they were reinstated six months later. Despite these challenges, production rebounded to around one million bpd.
Popular Cornmeal Cake
Driven by the emigration wave and the gluten-free trend, the arepa, a cornmeal cake made from water and cornflour, has spread worldwide. Food trucks and specialty restaurants from New York to Paris, Tokyo, and Hong Kong now offer these cakes filled with various ingredients.
The economic crisis, which saw the GDP plummet by 80% between 2013 and 2022, led to the exodus of about 7.7 million Venezuelans, according to the UN, roughly a quarter of the population, to neighboring countries like Colombia and beyond.
Notorious Gangs
Known as one of the world’s most dangerous countries, Venezuela, home to 30 million people with high poverty levels, is no longer the “death trap” it once was.
The number of violent deaths dropped by approximately 25% in 2023, to 26.8 per 100,000 inhabitants, according to the independent NGO Venezuelan Observatory of Violence (OVV). The government, which launched major operations against gangs in slums and prisons, claims an even lower rate and reports a 33% decrease in robberies.
Nevertheless, insecurity persists with ruthless, sprawling gangs focused on extortion, which is on the rise according to criminologists.
World’s Tallest Waterfall
Canaima National Park (southeast), bordering Guyana and Brazil, is a UNESCO World Heritage site. It features tepuis, striking geological formations with steep cliffs and waterfalls, including the world’s highest waterfall, Angel Falls (979 meters).
Angel Falls is named after American aviator Jimmy Angel, who “discovered” it in the 1930s, though it was already known to the local Pemon indigenous people. Today, it is one of the country’s top tourist attractions.