U.S. Energy Secretary Says Venezuela's Oil Production Will Double

U.S. Energy Secretary Jennifer Granholm stated in Venezuela that U.S. and other international oil companies will sign agreements in Caracas, with expectations that Venezuela's oil production will increase by more than double in the coming years. Currently, the country's oil production is about 1.1 to 1.2 million barrels per day, having peaked at over 3 million barrels per day in the late 1990s. Granholm pointed out that the investments involved in the agreements will significantly increase the available oil supply and exert downward pressure on oil prices. She also mentioned that the biggest bottleneck for gasoline and diesel prices is refining capacity, and she anticipates that U.S. gasoline prices will decline in the coming weeks, thanks to the Trump administration's easing of refinery regulations.

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