The US Energy Secretary stated that Venezuela's oil production is expected to increase by as much as 40% this year.

U.S. Energy Secretary Chris Wright stated that Venezuela is expected to increase its oil production by 30% to 40% this year, equivalent to an increase in daily production of about 300,000 to 400,000 barrels. Wright, who was interviewed while attending the International Energy Agency ministerial meeting in Paris, said that companies have shown "huge" interest in entering Venezuela. He also stated that the increase in production mentioned above is equivalent to about one-third of global oil demand growth this year.