Venezuela is located in northern South America bordering the Caribbean Sea, Guyana, Brazil, and Colombia. Its capital and largest city is Caracas. Venezuela has a population of over 29 million people who primarily speak Spanish. The country has a profitable oil industry, but high corruption and economic mismanagement have led to economic crises in recent decades. Hugo Chavez has served as Venezuela's controversial president since 1999, implementing socialist policies and forming close ties with Cuba.