Venezuela oil production nears one million barrels per day as Orinoco Belt output rises
PDVSA is reversing production cuts in the Orinoco Belt as new U.S. licenses allow exports to resume. The nation now produces nearly one million barrels daily.
Insights:
Venezuela 
VE state oil company PDVSA has reversed the majority of production cuts previously ordered at its Orinoco Belt oilfields and joint ventures, pushing the country's total oil output close to 1 million barrels per day. This ongoing development follows specific licenses and authorizations from the United States 
US issued last month. These regulatory actions are cited as having freed trapped crude and provided necessary diluents, enabling both increased exports and the resulting rise in production.
VE state oil company PDVSA has reversed the majority of production cuts previously ordered at its Orinoco Belt oilfields and joint ventures, pushing the country's total oil output close to 1 million barrels per day. This ongoing development follows specific licenses and authorizations from the United States US issued last month. These regulatory actions are cited as having freed trapped crude and provided necessary diluents, enabling both increased exports and the resulting rise in production.
