U.S. Oil Firms Eye Venezuelan Deal as Trump Pushes Production Boost

U.S. oil companies are preparing to sign agreements with Venezuela's state-owned PDVSA, aiming to increase the country's oil production by approximately 300,000 barrels per day.

The signing ceremony is planned to take place in Houston with the participation of several U.S. producers and PDVSA representatives.

This development comes as a result of efforts by the Donald Trump administration to boost oil production in Venezuela, with U.S. officials visiting Caracas in late April to agree on memorandums of understanding for new contracts.

According to energy consultant David Goldwin, independent U.S. companies may become the main source of growth in Venezuela's oil production in the coming years, as they can quickly mitigate project risks while larger companies wait for a more stable situation.