Financial crisis reveals Venezuela's dependence on US

The United States remains the leading destination for Venezuela oil exports (File photo)

Economy The financial crisis unleashed in the United States put on the table once again the dependence of Venezuela's economy with respect to the first world economy.

While sources from Hugo Chavez's government claim that the effect of the crisis on the Venezuelan economy will be zero, a deep recession in the United States could cause a major impact on the development of Venezuela's economy.

The effects are widespread and there are several likely scenarios: from an expected decline in oil prices and a lower oil demand to a reduction of the supply of goods imported from the United States.

Venezuela is tied to the US with regard to oil exports, as the superpower remains the leading destination for Venezuelan crude exports. Venezuela shipped to the US 1.01 million bpd of oil and 160,000 bpd of oil byproducts for a total of 1.17 million bpd, at the end of the first half of the year.

The fall of the first world economy will imply a reduction of its purchasing power, which undoubtedly will make an impact on Venezuela, since the United States is Venezuela's major oil customer.