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The drop within the petroleum sector was attributable to adherence to the OPEC quota established in 2002 and the digital cessation of exports during the PdVSA-led common strike of 2002–2003. From the Fifties to the early 1980s, the Venezuelan economic system, which was buoyed by high oil costs, was one of many strongest and most prosperous in South Americ The bolívar, which had been suffering from severe inflation and devaluation relative to worldwide standards since the late 1980s, continued to weaken.

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