Sources say that increased Orinoco Belt production boosts Venezuela's crude oil production to one million barrels per day.

Sources close to the operations of Venezuela's PDVSA state oil company said that the company reversed the majority?of its output cuts at its own oilfields and joint-ventures in the country's main?crude region – the Orinoco Belt – bringing the nation's production to close to one million barrels per a day (bpd). The OPEC nation had to reduce crude production, its main revenue source, after an oil blockade imposed by Washington in December to pressure President Nicolas Maduro. He was captured early January and replaced with the U.S. overseen government of Delcy Rodriguez.

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Sources said that the Orinoco region now produces slightly more than 500,000 bpd, after an increase over the weekend in several projects. This is over 100,000 bpd higher than early January.

Trafigura, a trading house in the United States, and Vitol received initial U.S. licensing last month to export and market millions barrels of Venezuelan crude oil as part a $2 billion flagship project.

Supply agreement

Caracas is located between Washington and Washington.

In recent weeks, the U.S. Treasury Department has also issued general licenses that broadly allow U.S. firms to export Venezuelan crude oil and supply fuel to Venezuela. These are expected to be followed by

Other Authorizations

Separate sources claim that the country is a good place to explore and produce oil.

Sources said that the U.S. licensing has helped to untangle exports. They have freed up crude and fuel in stock, provided much-needed diluents and allowed PDVSA's production to increase, especially at the Orinoco Belt.

(source: Reuters)