Venezuela’s state oil company PDVSA has reversed most of the output cuts it had ordered at its own oilfields and joint ventures in the country’s main crude region, the Orinoco Belt, which has boosted the nation’s total production close to 1 million barrels per day (bpd), sources close to operations said.
The Orinoco region is now producing slightly over 500,000 bpd after increases over the weekend at several projects, the sources said, more than 100,000 bpd above early January, when a strict U.S. blockade left millions of barrels of exportable crude stuck in the country, forcing output cuts.
(Reporting by Reuters Staff and Marianna Parraga; Editing by Nathan Crooks)