Analysis of the Venezuelan Oil Market

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Running Head: VENEZUELAN OIL MARKET 1 Analysis of the Venezuelan Oil Market BINT 6311 – International Business Management University of the Incarnate Word VENEZUELAN OIL MARKET 2 Table of Contents Abstract ............................................................................................................................................3 Review of Venezuela .......................................................................................................................4 Geographic Location ....................................................................................................................4 Demographics…show more content…
Because of these factors, Venezuela is in strategic location on major sea and air routes that link North and South America (see Figure 1). The country is well-served by all the major American and European airlines. Several airlines offer direct flights to the main airports in the United States, including Miami, Houston, Dallas, Atlanta and New York. Additionally, Venezuela is linked to important cities in Latin America with direct flights available to Bogota, San Jose, Panama, Lima, Rio de Janeiro, San Juan, Santiago and others. Key airports and seaports are administrated by Venezuela's military. However, the current situation of the ports is rather difficult as they are facing congestion due to increased traffic and lack of infrastructure (Country Report, 2007). VENEZUELAN OIL MARKET 5 Figure 1. Source: World Atlas, 2012 Demographics The country’s population of over 29 million people is made up of several ethnicities such as Spanish, Italian, Portuguese, Arab, German, and African. The official language of Venezuela is Spanish although there are numerous other indigenous dialects spoken in various areas of the country. Because of the mostly Spanish population within the country, approximately 96% of Venezuelans are Roman Catholic; 2% are Protestant; and 2% are considered of an unspecified religion (CIA, 2011). According to the CIA World Factbook, 93% of the total population is literate, defined as those ages 15 and over who can read and

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