US energy deals to double Venezuela oil output
Analysis based on 7 articles · First reported Sep 02, 2026 · Last updated Sep 02, 2026
Increased Venezuelan oil supply is expected to put downward pressure on global oil prices, benefiting consumers and oil-importing nations. US gasoline prices are projected to fall due to eased refinery regulations, while oil companies involved gain access to significant reserves.
US Energy Secretary Chris Wright visited Venezuela, stating that upcoming energy agreements signed by US and international oil companies will more than double Venezuela's crude production in the next few years. Venezuela's output, currently around 1.1-1.2 million bpd, is expected to rise significantly. Chevron, Eni, ONGC, GeoPark, and GE Vernova are set to sign agreements. This follows a separate deal announced by President Donald Trump granting the US long-term access to a fifth of Venezuela's proven reserves, with NABEP receiving a 100-year lease for 17 oilfields holding about 65 billion barrels. The NABEP deal, controlled by Alejandro Betancourt López, was arranged without competitive bidding and has raised concerns among some oil companies. US officials downplayed potential Chinese objections, while China's Foreign Ministry stressed its interests must be guaranteed. Wright also noted record oil flows through the Strait of Hormuz.
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