Venezuela's struggling, oil-dependent economy
Venezuela may have the transparent waters of the Caribbean lapping on its coastline, but it's the vast black sea of oil under the country that defines its economy.
In times of high prices, income from its oil reserves -- the world's largest at nearly 300 billion barrels -- buoyed government spending.
But now, with prices a third of where they were a couple of years ago, sub-par infrastructure investment and no rainy day fund, Venezuela is having it tough.
Inflation is skyrocketing, the economy is shrinking, and food and basic goods have become scarce as foreign currency to pay for imports dries up.
- Black stuff -
Half of Venezuela's GDP comes from oil, and sales of its heavy crude account for around 95 percent of export earnings.
The OPEC member sells 40 percent of its oil to the United States, but those shipments represent only nine percent of US oil imports, the US Energy Information Administration says.
Venezuela's next biggest customers are China and India.
Declining oil prices have ripped the rug out from under the economy.
- Hyperinflation -
Gross domestic product shrank 5.7 percent last year and is forecast to contract a further eight percent this year.
Inflation is expected to soar to 720 percent this year, according to the IMF's director for the Western Hemisphere, Alejandro Werner.
Last year its inflation rate was already the world's highest at 180 percent.
- Shrinking reserves -
The country's ability to defend its money and pay external debts is quickly diminishing.
Venezuela has burned through nearly $4 billion in foreign reserves over the past four months, and its stock has now shrunk to $12.7 billion -- a third of where it was in 2009.
Much of the reserves are in gold bars, some $2.2 billion of which has been shipped to Switzerland this year to be converted into cash, according to gold-watching websites.
Officially, $1 trades for 10 Venezuelan bolivars at the strongest of multiple rates. On the black market used more commonly, though, the rate is $1 for 1,000 bolivars.
Companies' inability to get their hands on dollars means they are unable to import goods and raw materials, leading to shortages in supermarkets and pharmacies.
- Debt -
Venezuela has so far kept up with its debt repayments and vowed it will continue to do so.
But the latter part of this year will test that commitment, as $6 billion is due in October-November from the government and state oil company PDVSA.
Analysts expect the country will be forced to default, though China, which is owed $50 billion, could help Venezuela stave that off by agreeing to delay repayments.