Communal, social and personal services: 31. Financial, insurance and real estate: 6. All forex managed account ratings for doctors, unless otherwise stated, are in US dollars. The economy of Venezuela is largely based on the petroleum sector and manufacturing.
Venezuela manufactures and exports heavy industry products such as steel, aluminum and cement. In spite of strained relations between the two countries, the United States has been Venezuela’s most important trading partner. American exports to Venezuela have included machinery, agricultural products, medical instruments and cars. Venezuela is one of the top four suppliers of foreign oil to the United States.
About 500 American companies are represented in Venezuela. When oil was discovered during Maracaibo strike in 1922, Venezuela’s dictator Juan Vicente Gómez allowed American oil companies to write Venezuela’s petroleum law. From the 1950s to the early 1980s, the Venezuelan economy, which was buoyed by high oil prices, was one of the strongest and most prosperous in South America. The continuous growth during that period attracted many immigrants. In 1958, a new government, again included Pérez Alfonso, devised a plan for the international oil cartel that would become OPEC.