US Energy Secretary: Venezuela Oil Output Set to Double in Coming Years

US Energy Secretary Chris Wright said on Tuesday, shortly after landing in Caracas, that investment agreements to be signed by American and other international oil companies will lead to a more than doubling of Venezuela's crude production within the next few years.

Wright is on a one-day visit to the founding OPEC member — his second since Venezuelan leader Nicolás Maduro was detained by US forces in January. The trip is part of ongoing efforts to reshape the country's energy sector and stabilise global markets.

Venezuela's oil output once peaked above 3 million barrels per day in the late 1990s, but has since fallen sharply due to chronic underinvestment, mismanagement, and years of US sanctions. In recent months, production has hovered around 1.1 to 1.2 million barrels per day, with a slight uptick following Maduro's capture.

Speaking to reporters after landing, Wright said the new deals would "massively grow available oil production," putting downward pressure on crude prices. However, he noted that the most immediate constraint on fuel costs is refining capacity, not raw output.

Wright also said US gasoline prices should ease in the coming weeks, citing regulatory relief for refiners introduced by the Trump administration. The combination of increased supply and streamlined refining operations is expected to help moderate consumer fuel prices.