U.S. Energy Secretary Chris Wright said Venezuela’s oil production could increase by as much as 40 percent this year if there is expanded U.S. involvement and private investment in the country’s energy sector, according to remarks made in a recent interview.
Wright said Venezuela has “significant untapped capacity” after years of underinvestment, sanctions and operational decline, adding that technical support, capital inflows and regulatory certainty could quickly lift output at existing fields.
He said production gains would depend on security conditions, contractual clarity for foreign firms and reliable export arrangements.
The comments come as Washington reviews its policy toward Venezuela’s energy sector following recent diplomatic and enforcement moves. U.S. officials have signaled interest in stabilizing global energy markets and easing supply pressures, while pressing Caracas on governance and compliance conditions tied to any sanctions relief.
Energy analysts said Venezuela’s infrastructure remains fragile, with aging equipment, power constraints and workforce shortages limiting near-term gains.
State oil company PDVSA has reported incremental improvements in production in recent months, though independent estimates vary. Industry experts cautioned that a 40 percent increase would require rapid rehabilitation of wells, access to diluents and spare parts, and sustained investment from international partners.
Wright said U.S. firms could help restore output if allowed to operate under clear legal frameworks. “The resources are there,” he said, “but growth depends on investment, transparency and operational stability.”
