Wright Says Venezuela’s Oil Production Could More Than Double Under New Deals
‘The investment in these deals will massively grow oil production, which will give downward pressure on oil prices,’ the energy secretary said.
U.S. Energy Secretary Chris Wright announced that new energy agreements with foreign oil companies in Venezuela are expected to more than double the country’s oil production. Wright stated that these deals, set to be announced soon, will contribute to lower oil prices. The Trump administration is also working to increase refining capacity to reduce gasoline prices.
- U.S. Energy Secretary Chris Wright visited Caracas, Venezuela, for energy deal discussions.
- New agreements with foreign oil companies are anticipated to more than double Venezuela’s oil production.
- Increased production is expected to help lower oil prices.
- The Trump administration is also focusing on enhancing refining capacity to decrease gasoline prices.
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