US Energy Secretary Says Venezuela's Crude Oil Production Will More Than Double in the Coming Years
59 minutes ago
After arriving in Venezuela, US Energy Secretary Wright stated that relevant agreements to be signed in Caracas by U.S. and other international oil companies will drive Venezuela's crude oil production to more than double over the next few years. Venezuela's crude oil output once topped 3 million barrels per day in the late 1990s, but has since fallen sharply due to underinvestment, mismanagement, and U.S. sanctions. In recent months, the country's crude oil production has hovered around 1.1 to 1.2 million barrels per day. Wright said the investments tied to these deals will "significantly boost" available oil supplies, exerting downward pressure on oil prices. He also noted that the biggest bottleneck for current gasoline and diesel prices is refining capacity. Wright added that thanks to the Trump administration's measures to relax refinery regulations, U.S. gasoline prices are expected to decline in the coming weeks. (Jinshi)
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