US Energy Secretary Chris Wright stated that Venezuela’s oil production could more than double over the coming years as American investment enters the country’s energy sector. Venezuela currently produces about 1.25 million barrels of oil daily, which is below its historic peak of roughly 3 million barrels. A new long-term energy partnership aims to increase near-term production to about 1.5 million barrels a day as a first milestone.
Industry estimates indicate that fully modernizing the oil infrastructure and returning to historic output levels could need approximately $180 billion in investment over about a decade. Wright is expected to travel to Venezuela to help formalize parts of the arrangement. Analysts note that achieving this level of investment will depend on political stability and the continued easing of restrictions on foreign oil companies.