During the Chávez presidency, Venezuela reclassified its reserves. Previously, there were thought to be just 80 billion barrels of extractable oil, but by 2011, its reported figure had nearly quadrupled. That statistical change was made possible by high oil prices at the time, which allowed previously unviable projects to look feasible.
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Indeed, Paramount is already in cost-cutting mode, after boss David Ellison merged it with his film studio Skydance last year. Many analysts are expecting further cuts, especially since Paramount took on debt to finance the deal.