Venezuela's oil output can rise 30%-40% this year, U.S. says

U.S. officials say Venezuela's oil production could climb 30–40% this year as Western firms show renewed interest after licenses were issued; production has fallen by about half since 2017.

Venezuela's government and its energy sector have drawn attention from international companies, and U.S. officials say the country’s oil output could increase substantially this year. Wright made these remarks in Paris while attending a ministerial meeting of the International Energy Agency. The U.S. recently issued licenses allowing a limited number of Western oil firms to operate in Venezuela. Reported domestic and international measures since 2017 have contributed to a prolonged decline in the country's oil production. Key points: - U.S. officials say Venezuela's oil output can rise about 30–40% this year. - Wright described strong commercial interest from companies seeking to enter Venezuela during discussions at an IEA meeting in Paris. - The U.S. administration recently issued licenses to a handful of Western oil firms to operate in Venezuela. - Venezuela’s oil production has fallen by about half since 2017, when financial sanctions were first imposed by the U.S. Summary: U.S. officials noted that a 30–40% increase in Venezuelan output would equal roughly one-third of this year’s global oil demand growth, as reported by the U.S. representative. Undetermined at this time.