Caracas (AFP) - US Energy Secretary Chris Wright confirmed on Wednesday that Venezuela's oil production will exceed two million barrels per day by 2030, the day after he arrived in Caracas to discuss the oil agreement between the two countries.

Published on: 02/09/2026 - 11:05 Last updated: 02/09/2026 - 20:45

Wright told the American network CNBC that production currently stands at slightly more than 1.2 million barrels per day, expected to exceed 1.5 million barrels in the first half of next year.

He added that production would exceed "by a large margin" two million barrels per day by the end of the decade, after it was less than one million barrels at the beginning of the year.

Venezuela has the largest proven oil reserves in the world, estimated at more than 300 billion barrels, but its production remains very limited, amounting to about 1.2 million barrels per day.

Wright is visiting Venezuela to discuss the agreement that US President Donald Trump announced on August 28, which allows the United States to control about a fifth of the country's oil reserves, i.e. more than 65 billion barrels, and to purchase a specific amount of oil at cost.

Trump described the agreement as "the largest oil deal in the world," considering that it would double American oil reserves.

In the face of doubts raised by the agreement, acting Venezuelan President Delcy Rodriguez confirmed that her country would “retain ownership of and sovereignty over its resources.”

Rodriguez said on Wednesday that the agreement with the United States is in the country's interest.

The Venezuelan National Assembly voted on Tuesday in favor of the agreement, while the army announced its support for all its provisions.

The association's president, Jorge Rodriguez, brother of the country's acting president, said, "Venezuela has the largest oil reserves in the world, and at the same time it ranks twentieth among oil-exporting countries. Twentieth! And there are those who want this situation to continue."

Defense Minister General Gustavo Gonzalez Lopez confirmed during a televised speech, “We support and agree to all the provisions of the strategic agreement. If you want to describe it in one phrase, this agreement means prosperity and well-being for our country and for us alike.”

Billions of dollars investments

On Wednesday in Caracas, Wright supervised the signing of agreements between Venezuela and the American oil giants Chevron and the Italian Eni, in addition to the energy company GE Vernova, with the aim of expanding its operations in the country.

Wright, along with acting President Delcy Rodriguez, said the agreements represent “tens of billions of dollars in investment” and are “essential to launching a path to peace, opportunity and prosperity for all in Venezuela.”

Chevron, a historical partner of Venezuela, announced that it had acquired new fields, expecting that within five years it would raise the production of its three joint companies to more than double compared to the year 2026, to reach about 600,000 barrels per day.

The company's production reached 270,000 barrels per day in July.

US Secretary of State Marco Rubio confirmed, in an interview published on YouTube with Venezuelan journalist Sergio Novelli, that the agreement aims to support the Venezuelan economy.

Wright said Tuesday that the agreement aims “primarily to strengthen the national sovereignty of the United States,” and at the same time to “put Venezuela on the path to long-term success.”

He said that the agreement helps "cut off the path of major powers competing with the United States."

He added that Washington seeks to enhance the confidence of private companies to do business in Venezuela, by establishing the rule of law and ensuring that contracts are not violated, considering that the agreement represents a “geopolitical opportunity to protect the oil fields from the influence of Chinese and Russian companies.”

Wright believed that the increase in Venezuelan production would put “downward pressure on global oil prices.”

Oil prices have witnessed a sharp rise since the outbreak of war in the Middle East in late February, and have fluctuated due to the impact of the confrontation between Iran and the United States and the disruption of shipping traffic through the Strait of Hormuz.

US President Donald Trump is seeking to limit the rise in fuel prices in the United States, an issue that is of particular importance to his party before the midterm elections scheduled for early November.

© 2026 AFP

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