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Venezuela is one of the world’s largest exporters of crude oil and the largest in the Western Hemisphere. In 2007, the country was the seventh-largest net oil exporter in the world. The oil sector is of central importance to the Venezuelan economy: it accounts for more than threequarters of total Venezuelan export revenues, about half of total government revenues, and around one-third of total gross domestic product (GDP). In addition, as a founding member of the Organization of the Petroleum Exporting Countries (OPEC), Venezuela is an important player in the global oil market. [Background]

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