It is an industrial island with a diversified economy

It is an industrial island with a diversified economy, based to a large extent on oil and natural gas, industry and agriculture.[citation needed] It is one of the leading gas-based export centres in the world, being the leading exporter of ammonia and methanol and among the top five exporters of liquefied natural gas. This has allowed Trinidad to capitalise on the biggest mineral reserves within its territories. In recent times, the production of oil has fallen below 100,000 barrels a day, signifying a steep and perhaps irreversible decline in production.
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