Venezuela increases oil production in the Orinoco Belt: approaching one million barrels per day
Venezuela's state-owned oil company, PDVSA, reversed most of the production cuts it had ordered in its own oil fields and joint ventures in the country's main oil region, the Orinoco Belt, which has raised the country's total production to about 1 million barrels per day (bpd), [...]
TL;DR
- PDVSA has reversed most production cuts in its fields and joint ventures.
- The Orinoco Belt is now producing over 500,000 barrels per day.
- Total Venezuelan oil production is nearing 1 million barrels per day.
- Previous cuts were mandated due to U.S. sanctions trapping exportable crude.