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⚡️🇺🇸🇻🇪Bloomberg: Venezuelan state oil company PDVSA has begun shutting down oil wells in the Orinoco belt, one of the largest oil wells in the world, as U.S. measures against Venezuelan oil take their toll.
PDVSA plans on cutting oil production in the area by at least 25%, or 500,000 barrels a day, this represents a 15% decrease in total national oil production.
This decision was signed off on December 28th and plans on moving assets in the most extra-heavy crude of the Orinoco belt, Junin, and move the rest to the to Ayacucho and Carabobo sectors.