Country profile: Venezuela |
Yet most Venezuelans live in poverty, many of them in shanty towns, the most infamous of which sprawl over the hillsides around the capital, Caracas.
A country of striking natural beauty, which ranges from the snow-capped Andean peaks in the west, through the Amazonian jungles in the south, to the beaches of the north, Venezuela is among the most highly urbanised countries in Latin America.
OVERVIEW
The country's economic fortunes remain tied to fluctuating oil prices. The oil boom of the early 1970s largely benefited the middle class, but the subsequent collapse of world oil prices condemned many of this class to poverty while eroding the living standards of the already impoverished.
Unemployment remains high and, according to official figures, around 60% of households are poor. Political appointments in state-owned industries and government bureaucracies have produced a cumbersome public sector.
In 1998 Venezuelans broke the stranglehold of the discredited party system to elect the populist left-winger Hugo Chavez, a former army officer who has proclaimed a "Bolivarian revolution", named after South America's independence hero.
But political unrest and deep divisions have characterised the president's term in office. His supporters - known as "chavistas" - and his detractors have staged street protests.
FACTS
Population: 26.6 million (UN, 2005)
Capital: Caracas
Area: 881,050 sq km (340,561 sq miles)
Major languages: Spanish, indigenous languages
Major religion: Christianity
Life expectancy: 71 years (men), 77 years (women) (UN)
Monetary unit: 1 bolivar = 100 centimos
Main exports: Petroleum, bauxite and aluminium, steel, chemicals, agricultural products, basic manufactures
GNI per capita: US $3,490 (World Bank, 2003)
Internet domain: .ve
International dialling code: +58
LEADERS
Hugo Chavez, who has survived a coup, protests, strikes and a referendum on his rule since coming to power in 1998, is the subject of both adulation and loathing among his divided electorate.
The president, who says he wants to create a new form of socialism, has pursued populist policies aimed at helping the poor. The programmes, which include free health care, subsidised food and land reform, have been buoyed by windfall incomes from oil.
Critics have accused Mr Chavez of trying to emulate Cuba's communist system and of increasing state intervention in business.
Mr Chavez came to prominence as leader of a failed coup in 1992. After being released from prison he embarked on a political career that swept him to power in a landslide election victory in 1998.
The charismatic president often continued to wear his paratrooper's red beret. He delighted the poor but infuriated the rich and the powerful news media with his rambling speeches that denounced the wealthy elite.
As Mr Chavez grew more powerful, his critics said he was leading Venezuela towards a Cuban-style authoritarian government. He was also criticised for courting countries which attracted US or international disapproval, namely Cuba, Saddam Hussein's Iraq and Libya.
He was forced out of office by the military in April 2002, only to be reinstated within 48 hours after a post-coup government collapsed in the face of a rebellion by loyalist troops and massive protests.
Opposition pressure intensified in 2002 and 2003, with more protests, a prolonged general strike and an unsuccessful attempt to petition for a referendum on the president's rule.
On the strength of a second petition handed in by his opponents, Mr Chavez faced a referendum on his rule on 15 August 2004 and was named as the winner. The president says he will run for another six-year term in elections in 2006.
Vice-president: Jose Vicente Rangel
Foreign minister: Ali Rodriguez
Defence minister: Jorge Luis Garcia
Finance minister: Nelson Jose Merentes
MEDIA
Media watchdogs have been highly-critical of the behaviour of the Venezuelan media, and of President Chavez's attitudes towards broadcasters and the press.
The president has been accused of creating a hostile and intimidatory climate for journalists, while some major private media outlets have been criticised for playing a direct role in the opposition movement against him, specifically by not covering the pro-Chavez demonstrations during April 2002's failed coup.
In late 2004 the government passed a controversial law which it said would improve broadcasting standards by prohibiting the inappropriate airing of scenes of sex and violence. But critics of the bill, which also bans material deemed to harm national security, said it was an attempt to silence media criticism.
Venezuela's many privately-run broadcasters operate alongside state-run radio and TV channels. President Chavez has his own weekly TV and radio programme on the government-run networks.
The country is the main shareholder in Telesur, a planned Caracas-based pan-American TV channel which, according to its chairman, aims to present Latin America's vision of itself to the world. The governments with a stake in the venture are all left wing or left of centre.
The press
El Nacional - Caracas-based daily
Ultimas Noticias - Caracas-based daily
El Universal - Caracas-based daily
El Mundo - Caracas-based evening daily
Panorama - Maracaibo-based daily
El Carabobeno - Valencia-based daily
Television
Venezolana de Television - government-run
Radio Caracas Television (RCTV) - Caracas-based network
Televen - private network
Venevision - private network
Globovision - 24-hour news channel
Radio
Radio Nacional de Venezuela - state broadcaster, runs 15 stations
Union Radio Noticias - commercial news network
News agency
Agencia Bolivariana de Noticias (ABN) - state-run
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