Washington pushed for a "significant increase" in Venezuela's oil production after the US Energy Secretary's visit to Caracas, with a gradual lifting of sanctions and opening the sector to investments by US companies despite the political and security risks.
Published on: 02/12/2026 - 05:49
US Energy Secretary Chris Wright pledged on Wednesday to push for a "significant increase" in Venezuela's oil production, following talks he held in Caracas with acting Venezuelan President Delcy Rodriguez, who expressed her aspiration for a "long-term fruitful partnership" with Washington.
Wright explained after the meeting at the presidential palace that a boom in Venezuela's production of oil, natural gas, and electricity could improve the quality of life of "all Venezuelans," stressing that the oil embargo imposed on Venezuela "has practically ended."
He also noted that President Donald Trump is "committed to radically transforming" relations with Venezuela.
This is the highest-level visit by an official in the Trump administration since the lightning military operation carried out by American forces in Caracas on January 3 to arrest President Nicolas Maduro.
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In a post on the X platform, the US Embassy shared a photo of Wright at Maiquetia International Airport accompanied by Chargé d'Affaires Laura Dogo.
“The American private sector will play an essential role in strengthening the oil sector, modernizing the electricity grid, and unleashing Venezuela’s enormous potential,” the embassy’s comment said.
After that, Wright met Rodriguez, who also holds the position of Oil Minister, at the presidential palace, where they shook hands in front of photographers.
The meeting witnessed the participation of the head of the Venezuelan National Oil Company, Hector Obregon, and the diplomatic representative of Venezuela to the United States, Felix Plasencia, according to what Venezuelan Minister of Communications Miguel Pérez Perilla announced via Telegram.
The US Department of Energy plans for the visit to include a tour of Wright in a number of Venezuelan oil fields, while the National Oil Company stated on Telegram that “these meetings aim to set a constructive and beneficial agenda for the two countries, within the framework of energy sovereignty and historical bilateral relations.”
Trump had confirmed that American oil companies would pump "billions of dollars" to revive Venezuela's deteriorating oil and gas industry after years of lack of investment and mismanagement.
He said in this context, "We will sell a lot of oil, we will take some of it, and they will take a lot of it, and they will make huge profits. They will make more money than they made before, and this will be beneficial for us."
In the context of paving the way for investment, Venezuela, which has the largest proven oil reserves in the world, amended its hydrocarbons law last month under pressure from Washington, opening the door to greater private sector participation.
On Tuesday, the US administration continued to ease sanctions in order to facilitate American companies’ investment in Venezuelan oil, with the Treasury Department gradually beginning to remove the ban imposed on this sector in 2019.
A document published on Tuesday allowed for the implementation of transactions involving “American entities” along the oil production chain, from extraction to delivery, including refining and storage.
However, the biggest challenge remains convincing international oil companies to pump large investments in Venezuela, in light of the political instability, security concerns, and the possibility of bearing the high cost of rehabilitating the production infrastructure.
France 24/AFP
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