Category: Venezuela

Venezuela To Reject Any World Bank Ruling On Exxon Case


Venezuela will not accept any ruling made by the World Bank’s arbitration forum in regards to a compensation claim by ExxonMobil for the Cerro Negro project, said its President Hugo Chavez on Sunday, adding that his country was now likely to pull out from the arbitration forum in response to “unfair deals” that “rob” Venezuela of its resources.

Venezuela – Fast Facts


Venezuela is an upper middle-income economy comes under the Latin American and Caribbean region, as to the classification made by the World Bank on the basis of income and region for the year 2006.

Venezuela is one among the world’s largest producers of oil. It is also a member of the OPEC. The country’s economy also gets many benefits from diamonds production. Services constitute a larger share in the total GDP followed by the industries sector.

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Venezuela Economic Forecast


When it comes to Venezuela’s economy, much is dependent on earnings from oil and gas. These two resources alone account for as much as 90% of the country’s Gross Domestic Product or GDP. From 2002 to 2003, Venezuela experienced some obstacles when the GDP declined by 9% and 8% respectively. This coupled with increased oil and gas pricing, as well as extremely high government spending led to a reduced GDP ending in 2006, 2007, and 2008.

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