Venezuela Aims for 2M Oil Output by 2030 Under New US Deal

US Energy Secretary Chris Wright said Venezuela's oil production is expected to reach two million barrels per day by 2030.

The current output stands at slightly more than 1.2 million barrels per day, according to Wright, who spoke in Caracas after discussing an oil agreement between the US and Venezuela.

Venezuela has the world's largest proven oil reserves, estimated at over 300 billion barrels, but production remains limited.

The recent agreement allows the US to gain control over around one-fifth of Venezuela's oil reserves, or more than 65 billion barrels, and purchase a specified amount of oil at cost.