U.S. Energy Secretary Says More Venezuelan Barrels Coming

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Written by Daniel Graeber for IIR Energy Intelligence (Sugar Land, Texas)

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Summary

Several hundred thousand barrels of oil per day is expected from Venezuela, the U.S. energy secretary said. The OPEC founder saw production peak in the 1970s.

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U.S. Upbeat on Venezuelan Oil Prospects

After a visit to Venezuela, U.S. Energy Secretary Chris Wright said he believes the country could add substantially more barrels to production by the end of the year.

"I think you'll see several 100,000 barrels a day of additional production by the end of this year," Wright was quoted Tuesday by the Reuters news service as saying from the sidelines of a conference in Paris.

Secondary sources reporting to economists at the Organization of the Petroleum Exporting Countries (OPEC) put Venezuelan crude oil production at 936,000 barrels per day (BBL/d) on average for 2025, some 8% higher than the previous year.

Oil production peaked in the 1970s at 3.7 million BBL/d. The decline is due to factors ranging from chronic under investment, to poor management and sanctions limiting its export potential.

After U.S. military forces in January arrested former Venezuelan President Nicolas Maduro and his wife at their compound in Caracas, U.S. President Donald Trump's administration has claimed tacit control over the nation's energy sector given the armada parked offshore.

Multinational trading houses such as Trafigura and Vitol are already doling out Venezuelan crude, with much of it going to the dense refinery sector along the U.S. Gulf Coast. The U.S. Energy Information Administration (EIA), part of the U.S. Department of Energy, reported the United States imported 153,000 BBL/d in Venezuelan crude oil during the seven-day period ending February 6.

That's 32% below levels from the similar period in 2025.

IIR Energy data show few problems in the Venezuelan refinery sector since U.S. tensions started to escalate late last year. Repairs were completed at the Amuay Refinery in early January, and few problems have surfaced since then. All told, data show Venezuelan refineries combine for about 750,000 BBL/d in design capacity, not counting upgraders.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Petroleum Refining Project and Plant databases can learn more about Venezuelan refineries and upgraders--including capacities, investment values and necessary equipment--in this detailed list.

Much of the untraceable barrels could be from storage.

Long Road Ahead for Venezuela

Meanwhile, it could easily take tens of billions of dollars and long-term commitments to return Venezuela's oil sector to its past glory. U.S. Energy Secretary Wright met last week with acting President Delcy Rodriquez at the Venezuelan capital to discuss the next steps for reconstruction.

"Let diplomatic dialogue ... and energy dialogue be the appropriate and suitable channels for the U.S. and Venezuela to maturely determine how to move forward," she was quoted by Reuters as saying.

The Trump administration already lowered the sanctions pressure on Venezuela to allow energy companies better access. Rodriquez, for her part, enacted new laws last month that would open up the energy sector to private investments. Companies can get control over sales and production, ending the monopoly from state-run Petróleos de Venezuela, or PDVSA.

Rodriquez is walking something of a tight rope, however, by trying to appease those in long-standing Venezuelan political circles while avoiding the ire from a nuclear-armed United States.

"Rodríguez's legitimacy lies in the military strength of the U.S.," Carmen Beatriz Fernandez, the chief executive officer at political consulting firm DataStrategia, told the BBC news service in an interview published Tuesday. "And it will last if Trump wants it to. She cannot stand up to him."

Democrats in both the U.S. House of Representatives and the U.S. Senate said the pressure from Trump will only last until the end of this term as he's ineligible to serve more than twice.

While some major energy companies have expressed reservations about the investment commitments necessary in a lower-for-longer price cycle, those U.S. opposition leaders warned oil companies of the risk of getting involved in Venezuela, given the legal questions surrounding everything from U.S. military action against drug traffickers to claims of authority over the country.

By the Numbers

• 750,000 BBL/d in refinery throughput possible in Venezuela
• 153,000 BBL/d of crude to the U.S. last week

Key Takeaways

• U.S. controls Venezuela, analyst says.
• Billions of dollars in long-term commitments are necessary.

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).