Caracas: US Energy Secretary Chris Wright today announced that Venezuela's oil production is expected to exceed two million barrels per day by 2030. Wright's statement came during a press conference following his arrival in Venezuela to discuss an oil agreement between the two nations. He indicated that the country's current oil output had recently surpassed 1.2 million barrels per day and anticipated that production would increase to more than 1.5 million barrels per day in the first half of the coming year. This marks a significant recovery from the production levels at the beginning of this year, which were under one million barrels per day.

According to Qatar News Agency, Venezuela holds the world's largest proven oil reserves, estimated at over 300 billion barrels. However, its production capacity has been limited, maintaining an average of about 1.2 million barrels per day. The recent agreement between the United States and Venezuela, announced by US President Donald Trump, allows the US to control approximately one-fifth of Venezuela's oil reserves, which amounts to over 65 billion barrels, and to purchase oil at cost.

President Trump described the deal as the largest oil agreement globally, noting that it would effectively double the US oil reserves. Meanwhile, Delcy Rodriguez, Venezuela's acting president, asserted that Venezuela would maintain ownership and sovereignty over its resources, emphasizing that the agreement aligns with Venezuela's national interests.

The agreement received approval from Venezuela's National Assembly, and the military declared its support for all provisions of the deal.