U.S. Energy Secretary Says Venezuela Could See Surge in Oil Output

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U.S. Energy Secretary Chris Wright predicts a potential surge in Venezuela's oil output to 1 million barrels per day, citing opportunities for growth in oil, natural gas, and electricity production.

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Market impact analysis based on bullish sentiment with 80% confidence.

Sentiment
Bullish
AI Confidence
80%
Time Horizon
Short Term

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Venezuela’s crude oil production could increase dramatically as soon as this year, U.S. Energy Secretary Chris Wright said during his visit in the South American country. “This year, we can drive a dramatic increase in Venezuelan oil production, in Venezuelan natural gas production and Venezuelan electricity production,” Wright said, as quoted by Reuters, following a meeting with interim president Delcy Rodriguez. Currently, Venezuela produces around 1 million barrels of oil daily and has been having chronic problems with electricity…

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Original article published by OilPrice.com on February 12, 2026.
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