Venezuela cancels production cut directive, daily oil output rebounds to nearly 1 million barrels

According to Jinshi News, the Venezuelan National Oil Company has revoked its production cut orders for most oil fields and joint ventures in the main oil-producing region of the Orinoco Belt, pushing the country's total output close to 1 million barrels per day. Sources say that after several projects increased production over the weekend, the current output in the Orinoco region is slightly above 500,000 barrels per day, an increase of more than 100,000 barrels per day compared to early January.