US energy secretary pledges dramatic rise in Venezuela oil output

Thursday 12 February 2026 - 11:20

By: Dakir Madiha

US energy secretary pledges dramatic rise in Venezuela oil output

US Energy Secretary Chris Wright arrived in Caracas on Wednesday for talks with Venezuela’s interim president Delcy Rodríguez, marking the highest level visit by a US energy official to the South American country in nearly three decades. The meeting at the Miraflores presidential palace focused on reviving Venezuela’s struggling oil industry and attracting foreign investment following the recent ousting of Nicolás Maduro.

After the talks, Wright pledged a “dramatic increase” in Venezuela’s production of oil, natural gas and electricity, according to France24. Speaking to reporters, he said he was confident the country would experience an extraordinary transformation, citing what he described as significant opportunities alongside notable challenges. He characterized his discussions with Rodríguez as frank exchanges on how to unlock Venezuela’s energy potential.

The visit comes as the Trump administration continues easing sanctions to allow greater foreign participation in Venezuela’s energy sector. According to the Associated Press, Wright’s trip followed the passage last month of a Venezuelan law opening the oil industry to private investment, reversing a central pillar of the socialist model that had dominated the sector for more than 20 years.

On January 29, 2026, Venezuela’s National Assembly unanimously approved sweeping amendments to the hydrocarbons law, fundamentally reshaping the legal framework governing private involvement in upstream oil activities. The same day, the US Treasury’s Office of Foreign Assets Control issued General License 46, authorizing certain transactions tied to Venezuelan oil trade.

Rodríguez, who also serves as hydrocarbons minister, described the initiative as the beginning of a sustainable and productive partnership that would benefit both nations, according to France24. The US embassy in Venezuela wrote on X that the American private sector would play a central role in revitalizing oil production, modernizing the power grid and unlocking the country’s vast resource base.

Wright’s agenda includes meetings with representatives of Chevron and Spain’s Repsol, as well as a planned visit to Petropiar, the largest oil venture operated by Chevron in partnership with state energy company PDVSA in the Orinoco Belt.

Venezuela, a founding member of OPEC, holds some of the world’s largest proven oil reserves. However, output has fallen sharply over the past two decades due to mismanagement, underinvestment and US sanctions. Current production stands at around one million barrels per day, according to Reuters, compared with more than three million barrels per day in the 1970s.

The US Energy Information Administration said this week that expanded US licenses for Venezuelan oil transactions could enable the country to return to pre sanctions production levels by mid 2026. Wright said concrete plans and specific measures were already in place to support that objective, underscoring Washington’s intention to help stabilize and expand Venezuela’s energy sector.