US Agreements Aim to Revive Venezuela's Oil Output

US Energy Secretary Chris Wright announced significant agreements to be signed by American and international oil companies in Caracas, which are expected to boost Venezuela's crude oil production in the coming years. This follows his second visit to Venezuela since President Maduro was arrested by US forces in January. Venezuela's current oil production is around 1.1 to 1.2 million barrels per day, a stark decline from its peak of over 3 million barrels per day in the late 1990s.

The agreements are expected to enhance the crude oil supply, potentially leading to lower gasoline prices in the US. However, refining capacity remains a significant bottleneck that could limit the immediate impact on gasoline and diesel prices.