Venezuela

Venezuela broke away from Gran Colombia in 1830, later experiencing decades of military rule that bolstered its oil sector and limited reforms. Democratic governance returned until 1999, when Hugo Chávez concentrated power, a legacy continued by Nicolás Maduro amid disputed elections and weakened institutions. In 2021, some opposition parties rejoined local polls and gained mayoral seats despite unfair conditions. Economically, Venezuela remains heavily dependent on oil. It holds some of the world’s largest proven crude reserves, but production and exports have fluctuated due to mismanagement and sanctions. In 2024, the state oil company PDVSA generated about $17.5 billion in foreign sales, with China a major buyer — alongside others such as Spain and Brazil. External debt has swelled to roughly $150–$170 billion. The Venezuelan bolívar has lost much of its value, leading to widespread use of U.S. dollars in everyday transactions as the economy struggles with inflation. Recent exchange data show 1 Indian rupee ≈ ~3.3 Venezuelan bolívars, reflecting the bolívar’s weakness compared with other currencies. Venezuela’s relationships with Russia and China include strategic cooperation and trade agreements, particularly in energy and financing. India’s oil imports from Venezuela have declined sharply under sanctions, but historically were significant.