Wright Says Venezuela’s Oil Production Could More Than Double Under New Deals

U.S. Energy Secretary Chris Wright said on Sept. 1 that he expects Venezuela’s oil production to more than double under new agreements with foreign oil companies.

Wright posted on X that he had arrived in Caracas with the goal of “advancing new energy deals” and “strengthening energy security” across the hemisphere.

“Several deals that will be announced tomorrow—just those deals will lead to a more than doubling of Venezuelan oil production in the next few years,” he told reporters in Venezuela.

Wright said the increase in output would help lower oil prices, adding that the Trump administration is also working to enhance refining capacity to bring down gasoline prices.

“The investment in these deals will massively grow oil production, which will give downward pressure on oil prices. But the biggest kink right now in gasoline and diesel prices is refining capacity,” he said. “I think we’ll see some downward pressure coming in the next few weeks.”

Exxon Mobil and Chevron are among the companies planning to do business in Venezuela, President Donald Trump said on Sept. 1.

The White House on Aug. 31 released details about an agreement that would give the United States access to 65 billion barrels of Venezuela’s oil reserves.

Under the deal, Venezuela’s interim government would grant North American Blue Energy Partners (NABEP) 100-year concessions for 17 oil fields holding roughly 65 billion barrels in proven reserves. NABEP is a privately held oil company and Venezuela’s second-largest private oil producer.

This story is developing and will be updated.