Venezuela expects oil production to increase by 30-40 percent this year, driven primarily by the involvement of American companies.
Operative Information Center-OMM reports that the statement was made by US Energy Secretary Chris Wright. The Secretary noted that a significant growth trajectory is anticipated for the Venezuelan oil sector throughout the current year.
Wright emphasized that the United States will continue to cooperate with Venezuelan authorities to evaluate all existing and new contracts. This collaboration aims to identify priorities that align with the interests of both Venezuela and the Western Hemisphere. The announcement follows a high-level visit on February 12, during which Secretary Wright toured oil facilities alongside Delcy Rodriguez.
The diplomatic engagement comes as US President Donald Trump's administration shifts its energy policy toward regional stability and production growth. Just one day prior to his visit, Secretary Wright officially announced the lifting of US oil sanctions against Venezuela, marking a pivotal shift in bilateral economic relations. This move is expected to facilitate the return of major Western energy firms to the country's vast oil fields, which hold some of the world's largest proven reserves.
