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The oil profits were (and are) managed from Caracas.

The Norwegians call it the “Venezuela effect” and have tried to avoid the “distortion” by allowing only a very small percentage of the income generated by their oil industry to enter the economy.Technical Knowledge & Leadership – Our staff participate in the development of international, industry and regulatory standards worldwide, keeping you and us at the forefront of changes in safety requirements and testing methods.Personalized Service – We are committed to meeting your evolving needs as you anticipate new market trends.Our process starts with the collection of product return data.From this information, the products and vendors with high return rates can be identified and our engineers can further investigate the reason for the returns.

This, in turn, implies that the local currency is overvalued, making foreign production cheap, and everything that is produced locally expensive.