https://www.cbsnews.com/news/venezuela-oil-reserves-us-strike-trump-what-to-know/
CBS News excerpt: The U.S. strike on Venezuela has renewed focus on the country’s oil sector, which includes some of the richest crude reserves in the world.
“We’re going to rebuild the oil infrastructure, which will cost billions of dollars, it will be paid for by the oil companies directly. And we’re going to get the oil flowing the way it should be,” President Trump said in a public address on Saturday following the attack, in which the U.S. captured Venezuelan President Nicolás Maduro and his wife.
Here’s what to know about Venezuela’s oil industry.
How much oil does Venezuela produce?
Venezuela, a member of the Organization of the Petroleum Exporting Countries, produces relatively little crude compared with other leading oil-producing nations. The country produces roughly 1 million barrels of crude oil per day, less than 1% of global output, according to OPEC data.
Venezuela’s oil production topped 3 million barrels per day in the early 2000s, but it has fallen sharply in recent decades due to declining investment and the impact of U.S. sanctions. Because of U.S. political pressure, Venezuela today exports most of its oil to China, according to Reuters.
