The economy of Venezuela is largely based on the petroleum sector and manufacturing. In 2014, total trade amounted to 48.1 % of the country's GDP. Exports accounted for 16.7 % of GDP and petroleum products accounted for about 95 % of those exports. Venezuela is the sixth largest member of OPEC by oil production. Since the 1920s, Venezuela has been a rentier state, offering oil as its main export. From the 1950s to the early 1980s, the Venezuelan economy experienced a steady growth that attracted many immigrants, with the nation enjoying the highest standard of living in Latin America. During the collapse of oil prices in the 1980s, the economy contracted the monetary sign, commenced a progressive devaluation and inflation skyrocketed to reach peaks of 84 % in 1989 and 99 % in 1996, three years prior to Hugo Chávez taking office. The nation, however, has experienced hyperinflation since 2015 far exceeding the oil price collapse of the 1990s.\n\nAnswer this question based on the passage: what commodity is much of venezuelas economy based? Okie... think carefully first, then make a decision:
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This is the relevant information: The economy of Venezuela is largely based on the petroleum sector and manufacturing. So, the answer is petroleum.
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