U.S. Energy Secretary: Venezuelan Oil Production to More Than Double in the Coming Years

BlockBeats News, September 2nd, U.S. Energy Secretary Wright arrived in Venezuela and stated that U.S. and other international oil companies will sign relevant agreements in Caracas to more than double Venezuela's oil production in the coming years.

Venezuela's oil production reached over 3 million barrels per day in the late 1990s, but has since plummeted significantly due to underinvestment, mismanagement, and U.S. sanctions. In recent months, the country's oil production has been around 1.1 to 1.2 million barrels per day.

Wright stated that the investments under these agreements will "substantially increase" the available oil supply and exert downward pressure on oil prices. He also pointed out that the main bottleneck currently faced by gasoline and diesel prices is refining capacity. Wright further mentioned that thanks to the Trump administration's relaxation of refinery regulations, U.S. gasoline prices are expected to decline in the coming weeks. (Golden Finance)