Venezuela's crude production nears 1mln BPD following output cut reversal, according to reports

• Sources also reported that output at main oil region, Orinoco belt, gained more than 100k BPD to some 500k BPD after PDVSA's cut reversal.

Venezuela's crude production nearing 1 million barrels per day (BPD) following a reversal of output cuts indicates a significant supply-side factor that could pressure oil prices, particularly for WTI and Brent. The increase in production from the Orinoco belt suggests a potential shift in market dynamics, making this a key development to monitor for both inventory levels and pricing implications.