US Energy Minister: Venezuela's oil to double

US Energy Secretary Chris Wright has stated that new agreements between American and international companies will lead to a doubling of Venezuela's oil production in the coming years. These investments are expected to increase output from around 1.1-1.2 million barrels per day to more than double that amount, after production declined significantly from its peak of over 3 million barrels in the 1990s. The agreements include Chevron and another international company signing on to oil projects in the country, as well as creating jobs through the reactivation of fields previously controlled by China and Russia. The US President also revealed a long-term lease agreement for a group of oil fields in Venezuela, which could influence global oil prices, with expectations of a drop in gasoline prices in the upcoming weeks due to increased supply.

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