Venezuela: Country Analysis Brief, 2014

"Venezuela is one of the world’s largest producers and exporters of crude oil. It has consistently been

one of the largest exporters of crude oil in the Americas. As a founding member of the Organization of the Petroleum Exporting Countries (OPEC), Venezuela is an important player in the global oil market. hile production has been declining, Venezuela exports of crude oil to the United States have been among the top. In recent  years,  through significant upfront investments, an increasing share of  Venezuela's exports have been delivered to China and India..."

Venezuela and Energy

Venezuela: Issues in the 111th Congress
"The United States traditionally has had close relations with Venezuela, a major supplier of foreign oil, but there has been friction in relations for almost a decade under the government of populist President Hugo Chávez. U.S. officials have expressed concerns about human rights, Venezuela’s military arms purchases, its relations with Cuba and Iran, and its efforts to export its brand of populism to other Latin American countries. Declining cooperation on anti-drug and antiterrorism efforts has also been a concern. In September 2008, bilateral relations worsened when President Chávez expelled the U.S. Ambassador to Venezuela, and the United States responded in kind. Under the Obama Administration, Venezuela and the United States reached an agreement
for the return of respective ambassadors in July 2009. While some observers were hopeful that
the return of ambassadors would mark an improvement in relations, this has not been the case.
The United States has continued to express concerns about the Venezuelan government’s
treatment of the news media and political opposition and about interference in the affairs
of other countries in the region.

Under the rule of President Chávez, first elected in 1998 and re-elected to a six-year term in
December 2006, Venezuela has undergone enormous political changes, with a new constitution
and unicameral legislature, and a new name for the country, the Bolivarian Republic of
Venezuela. Human rights organizations have expressed concerns about the deterioration of
democratic institutions and threats to freedom of expression under President Chávez. The
government benefitted from the rise in world oil prices, which sparked an economic boom and
allowed Chávez to increase expenditures on social programs associated with his populist agenda.
These programs have helped reduce poverty levels significantly, but the Venezuelan economy has
been hit hard by the global financial crisis and economic downturn..."

DRUG CONTROL: U.S. Counternarcotics Cooperation with Venezuela Has Declined
"Hundreds of metric tons of cocaine flow annually from South America toward the United States, threatening the security and wellbeing of U.S. citizens. Since 2000,
the United States has provided about $8 billion to countries in the region to disrupt drug trafficking. Most of this assistance went to Colombia to reduce illicit drug production and improve security. In March 2009, the Department of State reported that Venezuela had become a major transit route for cocaine out of Colombia, with a more than fourfold increase in cocaine flow between 2004 and
2007. We determined (1) what is known about cocaine trafficking through Venezuela, (2) what is known about Venezuelan support for Colombian illegal armed groups, and (3) the status of U.S and Venezuelan counternarcotics cooperation since 2002..."

Doing Business in Venezuela: 2008 Country Commercial Guide
"In light of current conditions, particularly President Chavez' 2007 nationalizations of several sectors of the Venezuelan economy and anti-U.S. rhetoric, U.S. exporters to and investors in Venezuela are well-advised to perform their risk-return calculations carefully, mindful of the uncertainties, but aware of the opportunities in the Venezuelan market.
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With a population of 27 million, Venezuela is the sixth most populous nation in Latin America.
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The political relationship between Venezuela and the U.S. has cooled significantly and is characterized by harsh anti-U.S. rhetoric by President Hugo Chavez (elected 1998 and re-elected in 2000 and 2006).
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The U.S. remains Venezuela’s most important trading partner, claiming more than half of Venezuela’s exports (primarily petroleum and petroleum products) and a quarter of imports."