(Bloomberg) – Venezuela can bolster oil production by 30% to 40% this year, an increase of roughly 300,000 to 400,000 bpd, according to U.S. Energy Secretary Chris Wright.
There’s “enormous” interest among companies seeking to enter the Latin American producer, Wright said in an interview in Paris, where’s attending the ministerial meeting of the International Energy Agency.
The Trump administration recently issued licenses allowing a handful of Western oil firms to operate in Venezuela. The U.S. is trying to stimulate Venezuela’s oil industry and revive the local economy following the capture of leader Nicolás Maduro earlier this year. The country’s oil production has fallen by about half since 2017, when Washington first imposed financial sanctions on the country.
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