#Venezuela’s #economy is mostly based on the petroleum and manufacturing sector. Based on oil production, Venezuela is the sixth largest member of OPEC. From the time of the 1920s, Venezuela has been a rentier state, with oil being its main exporting item. Between the 1950s to early 1980s, the Venezuelan economy showed a balanced growth that attracted many immigrants, and the nation was enjoying the highest standard of living amongst #LatinAmerican countries.