Prospects have emerged that Venezuela's oil production, which was significantly reduced due to US sanctions, could recover to pre-blockade levels by mid-year. The US government plans to increase Venezuela's oil and natural gas production this year to help the country achieve economic self-reliance.
According to Reuters on the 11th (local time), the US Energy Information Administration (EIA) forecasts that Venezuela's crude oil production will increase to levels prior to December of last year by the second quarter of this year due to the expansion of US licensing authority over Venezuela.
Earlier, Venezuela's state-owned oil company PDVSA conducted a major production cut in January. This was because the United States implemented a naval blockade to pressure former Venezuelan President Nicolás Maduro.
===========================================
It's faster than expected
