Venezuela's Oil Surge: PDVSA Boosts Production in Orinoco Belt
Venezuela's state oil company PDVSA has reversed most output cuts in the Orinoco Belt, significantly increasing production to nearly 1 million barrels per day. The Orinoco region now produces over 500,000 barrels per day, following a boost from projects that overcame previous constraints due to U.S. blockades.
In a notable recovery, Venezuela's state oil enterprise, PDVSA, has reversed earlier output restrictions at its oilfields and joint ventures in the Orinoco Belt. This strategic move has propelled the nation's total oil production to almost 1 million barrels per day, according to sources familiar with the operations.
Production in the Orinoco region specifically has now increased to over 500,000 barrels per day. This marks a significant rise from early January figures, which were hindered by a U.S. blockade that had stalled millions of barrels of exportable crude within the country, necessitating previous output reductions.
The turnaround follows several project ramps over the weekend, bringing the nation's output back on track despite geopolitical challenges impacting its oil industry.
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