Venezuela Hands Over Oil Reserves to US in 'Surrender'

For Venezuelans, oil has long been a source of national pride and identity. The country's bountiful reserves have fueled its economy for over a century, transforming it from a poor agrarian nation to an urbanized regional power.

The discovery of oil in the 1920s sparked a booming industry that brought U.S. energy companies and workers to Venezuela. Baseball was popularized among working-class Venezuelans, who later took it to the rest of the country.

Venezuela's economy has been shaped by oil booms and busts. Plummeting oil prices in the 1980s devastated the nation, leading to an IMF bailout. Later, resurgent oil prices generated $981 billion in revenues for PDVSA between 1999 and 2011.

However, corruption and mismanagement have eroded profits and hurt production. By 2013, Venezuela fell into a dire economic crisis, prompting millions to leave the country.