Venezuela Oil Production to More Than Double in Next Few Years
US Energy Secretary Chris Wright said that oil production in Venezuela is expected to more than double in the next few years following deals signed by US and other companies. The agreements, set to be finalized tomorrow in Caracas, will lead to a significant increase in crude production.
Venezuela's oil output peaked at 3 million barrels per day in the late 1990s but has since plummeted due to a lack of investment, mismanagement, and US sanctions. The current production rate is around 1.1-1.2 million bpd, which has risen slightly since Nicolas Maduro was captured by US forces in January.
Wright attributed the expected increase in oil production to the investments made through these deals, stating that it will put downward pressure on oil prices. However, he noted that refining capacity is currently a major issue affecting gasoline and diesel prices.