the history of venezuela during world war ii is marked by dramatic change to the country's economy, military, and society. at the beginning of world war ii in 1939, venezuela was the world's leading oil exporter, and subsequently one of the main beneficiaries of the american lend-lease programs. economic assistance from the united states, as well a booming oil industry, led venezuela to become one of the few latin american countries that was able to finance its own modernization in the post-war era. furthermore, through skillful diplomacy, venezuela was able to gain territory, increase its share in oil profits, and also reduce its reliance on foreign oil companies.