History
The coast and interior were home to Carib, Arawak, and other peoples when Columbus reached the mainland here in 1498; the name "Venezuela" — "little Venice" — is usually traced to stilt villages seen on Lake Maracaibo. Spain ruled the region from Caracas, and it became the launchpad of South American independence: Simón Bolívar, born in Caracas, led the wars that freed Venezuela, Colombia, Ecuador, Panama, Peru, and Bolivia, briefly uniting several as Gran Colombia before it broke apart in 1830.
The nineteenth century was dominated by caudillos (strongmen). Oil, found in commercial quantities around Lake Maracaibo in the 1910s, made Venezuela one of the world's top exporters and, for decades, the richest country in Latin America, though the wealth was unevenly shared. A stable two-party democracy from 1958 frayed amid corruption and the 1980s debt crisis, and the 1989 Caracazo riots, put down with hundreds of deaths, marked a turning point.
Hugo Chávez, a former coup leader, won the presidency in 1998 and launched the "Bolivarian Revolution" — a self-described socialism funded by high oil prices, with wide social programmes, growing state control, and sharp polarisation. After his death in 2013, Nicolás Maduro took over as oil prices fell, and the economy collapsed: hyperinflation, a contraction of more than half the economy, shortages of food and medicine, and the flight of nearly eight million people, one of the largest displacement crises in the world. The 2024 presidential election was claimed by Maduro but widely regarded, including on the basis of published tally sheets, as won by the opposition; a crackdown followed. Venezuela has also revived its long-standing claim to the Essequibo region, which Guyana administers and which is the subject of a case at the International Court of Justice.
From August 2025 the United States built up forces in the Caribbean under Operation Southern Spear, striking boats it said were run by drug traffickers and, in December, seizing sanctioned oil tankers. On 3 January 2026 US forces bombed targets across northern Venezuela and took Nicolás Maduro from his compound in Caracas, flying him and his wife, Cilia Flores, to New York, where both were indicted on drug-trafficking charges and pleaded not guilty. About 80 people were reported killed, among them Venezuelan and Cuban military personnel and civilians. Washington described the operation as a law-enforcement action with military support; the Venezuelan government called it a kidnapping; and officials at the United Nations, in the United States and elsewhere, along with international-law experts, said it breached the UN Charter and Venezuela's sovereignty. The government itself stayed in place: Vice President Delcy Rodríguez was sworn in as acting president on 5 January 2026, released political prisoners, passed an amnesty law and opened oil production and sales to private companies. Venezuela has since been described by The New York Times and others as a de facto puppet state, its domestic finances, government appointments, revenues and oil reserves overseen by the US Secretary of State; no new election has been held, and through 2026 both Venezuelan officials and President Trump said a vote was not imminent. In August 2026 the United States announced a further oil agreement with Rodríguez's interim government.
On 24 June 2026 two large earthquakes 30 seconds apart — magnitude 7.2 near Veroes in Yaracuy and magnitude 7.5 off the coast of La Guaira — struck northern Venezuela. They were the strongest in the country since 1900. Official figures released in August put the dead at more than 6,500 and the injured at about 226,700, with tens of thousands still missing; about 80 per cent of buildings in La Guaira state collapsed, Caracas was badly damaged, and the country is still digging out.
- Venezuela: The Oil State That Broke Down — The birthplace of Simón Bolívar and, for most of the 20th century, one of Latin America's richest and steadiest democracies — undone by dependence on a single commodity, and since 2013 the scene of an economic collapse and a mass exodus with few peacetime parallels
