VENEZUELA (Syllabus: GS Paper 2 - IR)

News-CRUX-10     2nd December 2023        
output themes

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..


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