U.S. Energy Secretary Wright, in Caracas Tuesday, said agreements to be signed there on Wednesday between U.S. and other oil companies will drive Venezuelan crude output to more than double in the coming years. Venezuelan production peaked at just over 3.0 mln bpd in the late 1990s and has since fallen to roughly 1.1–1.2 mln bpd. Wright said the investment tied to the deals would substantially increase volumes available and exert downward pressure on oil prices. He added that refining capacity i

U.S. Energy Secretary Wright, in Caracas Tuesday, said agreements to be signed there on Wednesday between U.S. and other oil companies will drive Venezuelan crude output to more than double in the coming years. Venezuelan production peaked at just over 3.0 mln bpd in the late 1990s and has since fallen to roughly 1.1–1.2 mln bpd. Wright said the investment tied to the deals would substantially increase volumes available and exert downward pressure on oil prices. He added that refining capacity is currently the main bottleneck for gasoline and diesel prices, and that U.S. gasoline prices are expected to decline in the coming weeks after refinery-regulation relaxations by the Trump administration.