Venezuela's revenues from crude exports by the state oil company fell 10 percent in the first three months of this year amid lower prices, OPEC-mandated production cuts and reports of falling production at the South American country.

Analysts have suggested that the Venezuelan industry is suffering from a dropoff in private investment as companies respond to moves by President Hugo Chavez's government to tighten its control over the industry. They also say the state oil company, which has taken majority control of the oil industry, is overburdened from the Chavez administration using it to fund its social initiatives and nationalizations in other sectors.

Central bank figures also showed that while Venezuela's economy grew 8.8 percent during the period, oil industry activity contracted sharply by 5.6 percent.

The figures come amid increasing doubts about the health of Venezuela's oil industry, whose output has been steadily declining according to outside estimates.

The government insists Venezuela is producing about 3.1 million barrels a day, but the International Energy Agency put Venezuelan output at 2.35 million barrels in April. OPEC's latest estimate, also based on independent sources, was 2.37 million barrels a day.