{"id":359178,"date":"2026-01-08T15:47:08","date_gmt":"2026-01-08T15:47:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/359178\/"},"modified":"2026-01-08T15:47:08","modified_gmt":"2026-01-08T15:47:08","slug":"bbc-verify-live-debunking-false-claims-about-minneapolis-ice-shooting","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/359178\/","title":{"rendered":"BBC Verify Live: Debunking false claims about Minneapolis ICE shooting"},"content":{"rendered":"

Why is Venezuela\u2019s oil production in decline?published at 11:54 GMT<\/p>\n

11:54 GMT<\/p>\n

\"\"Phil Leake
BBC Verify data journalist<\/p>\n

Venezuela has produced relatively little oil in recent years despite holding the largest known oil reserves in the world.<\/p>\n

According to data from the Organization of the Petroleum Exporting Countries (OPEC), Venezuela is home to 303 billion barrels of proven crude oil reserves, almost a fifth of the world total.<\/p>\n

But separate figures from the US Energy Information Administration show that it produced around 860,000 barrels of crude oil per day on average in 2024, just 1% of global output.<\/p>\n

Venezuelan oil production was above 3 million barrels per day in the late 1990s and stood at 2.5 million per day as recently as 2014.<\/p>\n

The drop in the last decade is due to a number of factors including a lack of investment, extraction difficulties and economic sanctions.<\/p>\n

Several US oil companies left Venezuela after President Hugo Chavez exerted more state control over their assets in 2007, which led to a loss of investment, infrastructure and technical support in the industry. <\/p>\n

Venezuela\u2019s oil is mostly heavy crude which requires extra processing compared with oil produced in other parts of the world.<\/p>\n

The country was also hit with sanctions imposed by US President Donald Trump in 2019<\/a>, during his first term. <\/p>\n

\"An<\/p>\n","protected":false},"excerpt":{"rendered":"Why is Venezuela\u2019s oil production in decline?published at 11:54 GMT 11:54 GMT Phil LeakeBBC Verify data journalist Venezuela…\n","protected":false},"author":2,"featured_media":278751,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[49,50,51,47,52,48],"class_list":{"0":"post-359178","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-headlines","8":"tag-headlines","9":"tag-news","10":"tag-top-news","11":"tag-top-stories","12":"tag-topnews","13":"tag-topstories"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/359178","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=359178"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/359178\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/278751"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=359178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=359178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=359178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}