US projects Venezuelan oil production to rise by 50 per cent within 18 months

Moscow (ANTARA) - The United States expects oil production in Venezuela to surge by 50 per cent within the next 12 to 18 months, US Energy Secretary Chris Wright revealed on Wednesday.

“Since the beginning when President (Donald) Trump took this step, I have stated that Venezuelan production would increase by 50 per cent within a period of 12 to 18 months. I maintain that prediction based on current production levels,” Wright told the CNBC news channel.

Venezuelan oil production is projected to exceed 2 million barrels per day by the end of this decade, Wright added.

Last week, US President Donald Trump announced a new deal providing Washington with long-term access to 17 Venezuelan oil fields, with reserves reaching approximately 65 billion barrels of oil.

This move was taken to divert energy flows from Venezuela and to attract several US companies to manage its oil deposits in order to limit the influence of competing nations.

The White House is also seeking to curb petrol prices in the US, which have surged by more than 40 per cent since the beginning of the year due to military conflict with Iran.