US Seeks to Double Venezuelan Oil Production

The US Energy Secretary Chris Wright arrived in Venezuela and announced that energy agreements being prepared for signing will make it possible to double the country's oil production volumes over the next few years.

This growth could lead to a decline in global fuel prices, according to Secretary Wright.

Venezuela's oil production peaked at 3 million barrels per day in the late 1990s but has since fallen sharply due to lack of investment and ineffective management, as well as US sanctions. Currently, production amounts to around 1.1-1.2 million barrels per day.