Step 1:
T-Code:CO02
Enter Production order number

Step 2:
Press F6 Button
Component Overview

Change the entire requirement Qty to 0, if the BOM is maintained
This will Release the entire Reservation, When the Production Order is created
Step 3:
Goto to Function Menu > Deletion Flag > Set

Then Save it.
Note:
Check for the Material Issues done against the Production order before deletion.
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