 The World Bank also explained that Venezuela's economy is "extremely vulnerable" to changes in oil prices since in 2012 "96% of the country’s exports and nearly half of its fiscal revenue" relied on oil production.In 1998, a year before Chávez took office, oil was only 77% of Venezuela's exports.Under the Chávez government, from 1999 to 2011, monthly inflation rates were high compared to world standards, but were lower than that from 1991 to 1998.