Venezuela – a good model for dealing with the oil wealth

Venezuela is considered one of the first countries to open their doors to foreign investment. Having dealt with the recent oil wealth rational manner worthy of attention from the spirit of full awareness that the depleted oil wealth, and that oil revenues will not be eternal and they are vulnerable to the vagaries of global markets and therefore to cope with setbacks up to the borders of disasters.


Therefore Venezuela took a series of decisions involving the use of wise and massive revenue for oil wealth to solve the current problems of domestic waste before the current opportunity that came with the increases in oil prices.
Venezuela has 80 billion barrels of crude oil are 8.8% of OPEC reserves and about 6% of the world, also has 152.4 trillion cubic feet of natural gas constitutes 4.8% of the reserves of OPEC, and about 2.5% of the world’s total.