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U.S. Energy Secretary forecasts Venezuela oil boost by 2030
The US Energy Secretary expects Venezuela's oil production to exceed two million barrels per day by 2030, up from its current level of around 1.2 million barrels per day. Production is anticipated to increase significantly to over 1.5 million barrels in the first half of 2024, following an agreement between Washington and Caracas that allows the latter to control about one-fifth of its oil reserves and export quantities at cost price. Although Venezuela holds the largest proven oil reserves, exceeding 300 billion barrels, its production remains limited. The agreement aims to bolster US oil reserves, with Donald Trump calling it “the biggest oil deal in the world,” while the Venezuelan government has affirmed that it will retain sovereignty over its resources.
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