The United States has launched a concerted push for a substantial increase in Venezuela’s oil output, with U.S. Energy Secretary Chris Wright outlining plans to boost production as part of wider efforts to strengthen economic ties and regional energy security. Wright’s high-level visit to Caracas marks a major shift in U.S. policy toward Venezuela’s energy sector after years of sanctions and strained relations between the two nations.
During talks with interim Venezuelan President Delcy Rodriguez and oil industry stakeholders, Wright emphasised that Washington is committed to supporting a “dramatic increase” in oil, natural gas and electricity production this year. The discussions form part of a broader strategy that reflects a thaw in bilateral relations and an evolving partnership in energy cooperation.
Venezuela holds the world’s largest proven oil reserves, with more than 300 billion barrels, but its production fell sharply in recent years due to underinvestment, mismanagement and U.S. sanctions. Wright noted that the industry’s revival could deliver economic benefits not only for Venezuela but for the wider Western Hemisphere, improving job opportunities, wages and general quality of life.
The United States has already taken steps to facilitate this resurgence, including easing sanctions on Venezuela’s energy sector and issuing general licences that allow foreign companies to operate more freely. U.S. refiner Valero Energy, for example, is set to import up to 6.5 million barrels of Venezuelan crude in March, signalling growing commercial engagement under the new policy direction.
Plans are underway to attract additional U.S. and international investment into Venezuelan oil and gas infrastructure, particularly in major producing regions like the Orinoco Belt. Wright and Rodriguez visited key facilities as part of efforts to modernise operations and unlock production potential that has long been hampered by systemic challenges.
Analysts say that if these initiatives succeed, Venezuela’s output could increase significantly in 2026, with estimates suggesting possible growth of up to 30-40% this year alone. However, achieving this will require resilient investment, political stability and continued cooperation between government officials and energy partners.
