All-in on oil

The political fortunes of Venezuela’s presidents have historically depended on the oil market. Hugo Chávez, whose presidency lasted from 1999 to 2013, rode the commodities boom. Under his presidency, Venezuela’s GDP quadrupled. In 1998, the year Chávez won his first election, GDP stood at $91.8bn. In 2012, the year before he passed away in office, he saw the figure reach its highest peak at $372.75bn. His project, the ‘Bolivarian revolution’, brought education, health and housing to many of the country’s poor, alongside other subsidised services. He also offered poorer countries and communities fuel at discounted prices.