Venezuela oil production to rise as sanctions ease

Market reprieve: A worker walking past an oil refinery in Venezuela. The country’s anticipated production recovery has already helped to moderate futures prices. — Reuters

Caracas: The United States just took the first steps in pulling back on a four-year-old sanction policy that had strangled oil exports out of Venezuela, home to world-class crude reserves.

The major reversal signals that the Latin American country’s industry is on the brink of being able to pump 200,000 more barrels of crude a day – a roughly 25% jump in production.