The statement is - True.
If go on circled number, than Venezuela's government gets 50% of its income from oil and petroleum revenues, or more specifically 48.1%. This South American country is one of the biggest producers and traders of oil on the global market, ranking at the high sixth position of OPEC. For almost a century now, from 1920, Venezuela has been a rentier state, offering the oil as its main product. Now even though the oil is one of the most demanded products on the global market, it is very bad when the whole economy depends on it, and as it has been the case, more often than not, every little negative change in the oil price has been hitting Venezuela very hard.
