U.S. Energy Secretary Says Venezuela Could More Than Double Oil Production

Venezuela’s crude oil production rate could double in the next few years thanks to new deals set to be signed with U. S. and other foreign energy companies, U. S. Energy Secretary Chris Wright has said.

“The investment in these deals will massively grow available oil production, which will give downward pressure on oil prices, but the biggest kink right now in gasoline and diesel prices is refining capacity,” Wright said during a one-day visit to Caracas, as quoted by Reuters.