Venezuela's Oil Production Set for Massive Boost

Venezuela's crude oil production rate could double in the next few years, according to U.S. Energy Secretary Chris Wright.

The investment from new deals with U.S. and other foreign energy companies is expected to massively grow available oil production, which will put downward pressure on oil prices, but refining capacity remains a major issue.

Venezuela's peak oil production rate was about 3 million barrels daily in the late 1990s, but it has dropped to 1.25 million barrels daily this year due to underinvestment and U.S. sanctions.