Venezuela Oil Output to Hit Two Million Barrels Daily by 2030

US Energy Secretary Chris Wright recently forecast that Venezuela's crude oil production will climb above two million barrels per day by 2030. Currently, the country is producing just over 1.2 million barrels daily. The US has recently signed a bilateral oil accord with Venezuela, under which Washington will gain control of one-fifth of the nation's oil reserves.

The agreement, described by President Donald Trump as the biggest oil deal worldwide, would double the US reserve levels. According to Wright, production is expected to rise above 1.5 million barrels per day in the first half of next year and then surpass two million barrels daily by a significant margin by 2030.

Venezuela has the world's largest confirmed oil reserves, estimated at over 300 billion barrels, but its extraction activity remains constrained. Acting President Delcy Rodriguez emphasized that her nation will preserve ownership and sovereignty over its natural assets, viewing the pact as advantageous to Venezuela.