Venezuela this year almost doubled its oil production from last year’s decades-low as its state-owned company struck deals that let it pump and process more extra-heavy crude into exportable grades. The surprising reversal began as state-run Petroleos de Venezuela (PDVSA.UL), known as PDVSA, won help from small drilling firms by rolling over old debts and later obtained steady supplies of a key diluent from Iran. The two lifted output to 824,000 barrels per day (bpd) in November, well above the first three-quarters of the year and 90% more than the monthly average a year earlier. Whether it can continue to ramp up production is unclear. Years of unpaid bills, mismanagement and, more recently, U.S. sanctions have cut its […]