US Energy Secretary Wright said on Sept. 2, after arriving in Venezuela, that agreements to be signed in Caracas by US and other international oil companies are expected to help lift Venezuelan crude production by more than 100% over the next few years. He said investment tied to those deals would "substantially increase" oil volumes available to the market and put downward pressure on prices. Wright also said the biggest constraint on gasoline and diesel prices at present is refining capacity, not crude supply alone. He added that US gasoline prices are expected to fall in the coming weeks, citing Trump administration measures that eased refinery regulations. Venezuela once produced more than 3 million barrels per day in the late 1990s, but output later dropped sharply because of underinvestment, poor management, and US sanctions. In recent months, the country has been producing about 1.1 million to 1.2 million barrels per day, according to the report cited by BlockBeats from Jin10.
BlockBeats reported on Sept. 2 that US Energy Secretary Wright, speaking after arriving in Venezuela, said agreements to be signed in Caracas by US and other countries' oil companies would help raise Venezuelan crude output by more than double over the next few years.
Venezuela's crude production exceeded 3 million barrels per day in the late 1990s. It later fell sharply because of underinvestment, poor management, and US sanctions. In recent months, the country's output has been around 1.1 million to 1.2 million barrels per day.
Wright said investment tied to those agreements would "substantially increase" the volume of oil available to the market and put downward pressure on oil prices. He also said the biggest bottleneck for gasoline and diesel prices at present is refining capacity.
Wright added that US gasoline prices are expected to decline in the coming weeks, helped by Trump administration steps to loosen refinery regulations.
The report cited Jin10 as the source.
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