RismadarVoice Reporters
September 2, 2026
United States Energy Secretary Chris Wright has visited Venezuela’s Miraflores Palace in Caracas as Washington and Caracas finalise a major oil agreement aimed at expanding the country’s crude production.
Wright said the investment agreements expected to be signed with U.S. and international energy companies would lead to Venezuela more than doubling its oil output over the next few years.
The Energy Secretary said the deals were designed to increase investment, expand energy production and create economic opportunities for both Venezuela and the United States.
Venezuela, which holds some of the world’s largest proven oil reserves, has seen production decline significantly over decades due to a combination of limited investment, operational challenges and international sanctions. Recent output has been estimated at 1.1 million to 1.2 million barrels per day.
The agreement involves broader cooperation between Venezuela and international energy firms, with companies including Chevron and other industry partners expected to participate in efforts to expand production capacity.
The Trump administration has described the deal as part of efforts to strengthen energy security and revive Venezuela’s oil industry, while critics have raised questions over the structure and long-term implications of increased foreign involvement in the country’s energy sector.
Wright’s visit to Caracas comes as both countries seek to reshape their energy relationship through increased investment and cooperation in the oil sector.
