Energy Secretary Wright Says Venezuela Could More Than Double Oil Production

Energy Secretary Wright Says Venezuela Could More Than Double Oil Production Venezuela’s crude oil production rate could double in the next few years thanks to new deals set to be signed with U.S. and other foreign energy companies, U.S. Energy Secretary Chris Wright has said.  “The investment in these deals will massively grow available oil production, which will give downward pressure on oil prices, but the biggest kink right now in gasoline and diesel prices is refining capacity,” Wright said during a one-day visit to Caracas, as quoted by OilPrice. Venezuela’s peak oil production rate was about 3 million barrels daily, but that was in the late 1990s. Since then, amid U.S. sanctions and underinvestment,...

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