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[Venezuela Shuts Down Orinoco Belt Oil Wells Amid Storage Issues] Venezuela Has Started To Shut Down Wells In Its Orinoco Belt, Impacting Approximately 15% Of The Nation's Total Oil Production Of 1.1 Million Barrels Per Day. The Move Follows A Decision On December 23 To Reduce Orinoco Belt Output By 25% To Around 500,000 Barrels Per Day Due To Storage Limitations Affecting Crude Shipments. PDVSA, The State Oil Firm And A Key Exporter Of Crude To China, Is Disabling Producing Wells, Starting With Extra-heavy Crude Wells In The Orinoco Belt And Junin, With Ayacucho And Carabobo Regions Potentially Next. Meanwhile, Chevron Continues To Ship Venezuelan Crude To The United States Under A Special License.

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