History of oil discovery in Venezuela!!!
More than 100 years ago, in early 1922, geologists from Royal Dutch Shell discovered oil in venezuela in the La Rosa region of the Maracaibo Basin. The discovery was so significant that 1 million barrels of oil began to flow out of it every day. Within a few years, more than 100 foreign companies began producing oil in venezuela, with the then dictator General Juan Vincente Gomez giving his full support to this. He was in power from 1908 to 1935.
A few years later, when the demand for oil in the world suddenly started increasing, Venezuela's oil production also increased from one million barrels to 137 million barrels. By 1929, venezuela came second after the united states in total production.
In 1935, dictator General Juan Vincente Gomez died, but by then the problem of 'Dutch Disease' had emerged in Venezuela. This means that the value of Venezuela's currency (Bolivar) had increased a lot and the country had become completely dependent on oil production. Due to focusing only on oil production, other sectors were left far behind. There was almost no development in other sectors. The share of oil export was 90 percent of the total export. This also affected important sectors like agriculture and manufacturing.
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