A Country with the World’s Largest Oil Reserves Experiencing the Western Hemisphere’s Worst Refugee Crisis
Venezuela holds the world’s largest proven oil reserves (approximately 300 billion barrels, more than Saudi Arabia) — and yet the country has collapsed economically into one of the most severe depressions in peacetime history, with approximately 7.7 million Venezuelans (about 25% of the pre-crisis population) having fled the country since 2014 in the largest refugee crisis in Western Hemisphere history. This paradox — vast resource wealth and catastrophic state failure — defines modern Venezuela.
The country was for much of the 20th century one of South America’s wealthiest, with a democratic tradition from 1958 and a per-capita GDP that sometimes exceeded Spain’s. The 1998 election of Hugo Chávez launched the Bolivarian Revolution that socialised much of the oil economy. Under Chávez (1999-2013) and his successor Nicolás Maduro (2013-present), the country experienced hyperinflation (peaking above 1 million percent annually in 2018), severe food and medicine shortages, and political repression. The disputed 2024 presidential election — which Maduro claimed to have won against opposition candidate Edmundo González — has been widely rejected internationally.
Despite the crisis, Venezuela retains extraordinary natural beauty — Angel Falls (the world’s tallest waterfall), the Gran Sabana (the plateau country that inspired Conan Doyle’s The Lost World), Caribbean coastline, and the Andean western regions.
A Brief History
Venezuela was the birthplace of Simón Bolívar — “El Libertador” who led South American independence from Spain across Venezuela, Colombia, Ecuador, Peru, and Bolivia in the 1810s-1820s. Gran Colombia (Venezuela, Colombia, Panama, Ecuador) dissolved in 1830-1831, creating independent Venezuela.
Oil was discovered in 1914 and transformed Venezuela into South America’s wealthiest country by the 1950s. The 1958 transition to democracy held until Chávez’s 1998 election.
Hugo Chávez (1999-2013) nationalised major industries, founded the Bolivarian Revolution, and aligned with Cuba. Nicolás Maduro’s presidency (2013-) has coincided with the country’s economic collapse.
Geography and Climate
Venezuela covers 916,445 km² and has diverse landscapes including the Andes, the Orinoco River basin, the Gran Sabana tepui country, and Caribbean coast with tropical islands (Los Roques archipelago).
Culture and Religion
Spanish is official. Approximately 71% Catholic.
Venezuelan culture is known for beauty pageants (7 Miss Universe wins, tied with the US for most), baseball (many MLB players), and distinctive musical traditions including joropo.
The Economy
Venezuela’s economy has contracted by roughly 75% between 2013 and 2024 — among the largest peacetime economic collapses in recorded history. Hyperinflation has stabilised somewhat since 2021 but remains high. Most economic activity now occurs in USD; the bolívar has been replaced for many purposes.
Cuisine
Venezuelan cuisine — which has spread globally via the diaspora:
- Arepas — corn flatbreads, split and stuffed with various fillings (the national food)
- Pabellón criollo — rice, beans, shredded beef, plantain (the national dish)
- Hallacas — tamales with meat-olive-raisin filling, Christmas tradition
- Cachapa — sweet corn pancakes with cheese
Nature and UNESCO Sites
Venezuela has 3 UNESCO World Heritage Sites: Coro and its Port, Canaima National Park (Angel Falls), and Ciudad Universitaria de Caracas.
Travel Guide
Given the political and economic crisis, travel to Venezuela requires extensive research. Most Western governments currently advise against non-essential travel.
Surprising Facts
- Angel Falls at 979 metres is the world’s tallest uninterrupted waterfall — named after US aviator Jimmie Angel who landed on Auyán-tepui in 1933.1
- Venezuela has won more Miss Universe titles per capita than any other country — 7 wins for a population of 28 million.3
- Venezuela’s inflation rate peaked at approximately 1.7 million percent annually in 2018 — among the highest ever recorded outside wartime.5
- The bolívar has been renamed three times since 2008 (losing 14 zeros through successive currency redenominations).5
- Simón Bolívar’s remains were exhumed in 2010 on government orders as part of an investigation into whether he was poisoned.6
- The Gran Sabana tepuis — flat-topped sandstone mountains — inspired Conan Doyle’s The Lost World and the Pixar film Up.3
Sources and References
See the list of cited sources in the page frontmatter.