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US Seeks Higher Venezuelan Oil Output to Strengthen Energy Supply
(MENAFN) The United States is seeking to increase Venezuela’s oil production to 1.5 million barrels per day in the near term as Washington looks for additional energy supplies following a June arrangement with Iran that temporarily relaxed restrictions on Iranian oil exports.
US Interior Secretary Doug Burgum says American companies are expected to play a key role in rapidly expanding Venezuelan production.
“Yes, we can, and it will happen thanks to US companies,” Burgum says.
He describes Venezuela as a strategically important energy partner for the United States, highlighting its substantial oil reserves and geographic position. Unlike several other major producers in the region, Venezuela is not directly affected by disruptions around the Strait of Hormuz caused by the ongoing Middle East conflict.
Burgum says expanding Venezuelan output could help compensate for interruptions to global energy supplies resulting from regional fighting while also improving US energy security.
The production target forms part of a wider American effort to attract investment into Venezuela’s petroleum sector and increase output from its extensive reserves.
An agreement between Washington and Caracas covers 17 strategic oil fields and is designed to attract more than $100 billion in investment, according to Venezuelan authorities.
US Interior Secretary Doug Burgum says American companies are expected to play a key role in rapidly expanding Venezuelan production.
“Yes, we can, and it will happen thanks to US companies,” Burgum says.
He describes Venezuela as a strategically important energy partner for the United States, highlighting its substantial oil reserves and geographic position. Unlike several other major producers in the region, Venezuela is not directly affected by disruptions around the Strait of Hormuz caused by the ongoing Middle East conflict.
Burgum says expanding Venezuelan output could help compensate for interruptions to global energy supplies resulting from regional fighting while also improving US energy security.
The production target forms part of a wider American effort to attract investment into Venezuela’s petroleum sector and increase output from its extensive reserves.
An agreement between Washington and Caracas covers 17 strategic oil fields and is designed to attract more than $100 billion in investment, according to Venezuelan authorities.
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