The petroleum sector dominates Venezuela's mixed economy, accounting for roughly a third of GDP, around 80% of exports, and more than half of government revenues. The country's main petroleum deposits are located around and beneath Lake Maracaibo, the Gulf of Venezuela, and in the Orinoco River basin, where the country's largest reserve is located. Venezuela is currently trying to diversify its economy to be less dependent on its petroleum industry. Venezuela has the least expensive petrol in the world, due to high government subsidies.
