VENEZUELA (Syllabus: GS Paper 2 - IR)

Context: Recently, with the United States (US) easing sanctions on Venezuela, India is poised to resume crude oil imports from Caracas after a hiatus of three years.

• Venezuela was India’s fifth largest oil supplier in 2019, but imports stopped after US sanctions..

Venezuela

• About: A country on the northern coast of South America, consisting of a continental landmass and many islands and islets in the Caribbean Sea.
• Capital:  Caracas.
• Boundary:

oNorth - Caribbean Sea and the Atlantic Ocean,

oWest - Colombia, 

oSouth - Brazil , 

oNorth-east - Trinidad and Tobago ,

oEast - Guyana.

• Significance: Venezuela has the world's largest known oil reserves and has been one of the world's leading exporters of oil. 
• Geographical features: Lake Maracaibo, Lake Valencia, Guiana Highland/Shield, Los Llanos, or "the plains“, Orinoco Delta etc.