Venezuela Oil Production Could More Than Double by 2026, Says U.S. Energy Secretary

U.S. Energy Secretary Chris Wright announced that Venezuela's crude oil production could more than double in the coming years.

This prediction is based on new agreements with U.S. and other foreign energy companies, which would significantly boost output and put downward pressure on oil prices.

The country's peak production was around 3 million barrels per day in the late 1990s, but output has fallen to 1.25 million barrels daily this year due to U.S. sanctions and underinvestment.

Rystad Energy estimates that such a production increase would require massive investment of around $180 billion over the next decade.