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.
TL;DR
- 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.