Venezuela’s Oil Output Can Climb 30%-40% This Year, US Says

Article content(Bloomberg) — Lea la nota en españolSign In or Create an AccountEmail AddressContinueor View more offersArticle contentVenezuela can bolster oil production by 30% to 40% this year, an increase of roughly 300,000 to 400,000 barrels a day, according to US Energy Secretary Chris Wright.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentThere’s “enormous” interest among companies seeking to enter the Latin American country, Wright said in an interview in Paris, where’s attending the ministerial meeting of the International Energy Agency. Such a boost would equate to about a third of global oil demand growth this year, he added.Article contentArticle contentThe Trump administration recently issued licenses allowing a handful of Western oil firms to operate in Venezuela. The US is trying to stimulate the nation’s oil industry and revive its economy following the capture of leader Nicolás Maduro earlier this year. The country’s oil production has fallen by about half since 2017, when Washington first imposed financial sanctions on the country. Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentConocoPhillips has previously said it prefers to recoup the billions it’s owed by Venezuela rather than drilling new wells. Wright said that a range of “creative deals” could help resolve the situation, such as converting those debts into equity ownership.Article contentOil prices are trading near a six-month high in London amid concern that President Trump could attack OPEC member Iran to contain its nuclear program. Prices have also been buoyed by an array of supply disruptions, including the impact of US-led sanctions on Iran and Russia.Article contentWright said that Trump’s pursuit of “energy dominance” — including growing domestic production, and rebuilding alliances in the Middle East and beyond — has freed US foreign policy from some of the concerns over energy prices it has been constrained by in recent decades. Article contentA short-lived “blip” in oil prices during last year’s 12-day conflict between Israel and Iran — in which the US attacked Iranian nuclear facilities — is a good illustration of the changed dynamic, he added. Article content(Updates with comments on US foreign policy in last two paragraphs.)Article contentTrending Garry Marr: For young Canadians who bought at peak of market, Home Buyers' Plan was invitation to disaster First-Time Homebuyers Cooler inflation gives Bank of Canada an opening to cut rates if economy falters, say economists Economy Posthaste: Canada's biggest city is losing momentum, and that's a problem for the whole country News Matthew Lau: We should let some universities fail FP Comment Canada's home sales plunge in January, led by Ontario Real Estate Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Garry Marr: For young Canadians who bought at peak of market, Home Buyers' Plan was invitation to disaster First-Time Homebuyers Cooler inflation gives Bank of Canada an opening to cut rates if economy falters, say economists Economy Posthaste: Canada's biggest city is losing momentum, and that's a problem for the whole country News Matthew Lau: We should let some universities fail FP Comment Canada's home sales plunge in January, led by Ontario Real Estate