United States Minister of Energy: Venezuela's crude oil production will more than double in the coming years

Upon his arrival in Venezuela on Tuesday, the United States Minister of Energy, Wright, stated that the agreement to be signed by the United States and other national oil companies in Caracas on Wednesday would facilitate a more than doubling of Venezuelan crude oil production in the coming years. Venezuela ' s crude oil production, which had reached more than 3 million barrels per day in the late 1990s, had been significantly reduced by underinvestment, mismanagement and United States sanctions. In recent months, crude oil production in the country has ranged from 1.1 million to 1.2 million barrels per day. Wright stated that the investments involved in these agreements would “a substantial increase” in available oil production and put downward pressure on oil prices. At the same time, he noted that the biggest bottleneck in the current price of petrol and diesel was refining capacity。