US energy secretary says Venezuela oil output to more than double in next few years

Venezuelan oil production is expected to more than double in the coming years, according to US Energy Secretary Chris Wright. Wright, who visited Venezuela on a one-day trip, stated that deals between US and other oil companies will lead to this increase. The country's production, which peaked at over 3 million barrels per day in the late 1990s, has currently been around 1.1 million to 1.2 million barrels per day.

Wright believes that the investment from these deals will create downward pressure on oil prices, though the main hurdle for now is refining capacity. Chevron, Eni, ONGC, GeoPark and GE Vernova are among the companies expected to sign agreements for energy projects in the country. The largest American oil producer in Venezuela, Chevron, is already involved in several projects.

Additionally, a separate deal allows US firm North American Blue Energy Partners to lease 17 oilfields in Venezuela and hold 65 billion barrels of reserves. This deal, which has raised concerns due to Alejandro Betancourt's past, includes a 100-year lease for the fields. Despite the controversy, US officials stress that Betancourt has a successful track record and that the deal does not negatively impact US-China relations.