The United States is seeking a significant boost in Venezuela’s oil production, with US Energy Secretary Chris Wright pledging to drive a “dramatic increase” in output as part of a broader plan to “make the Americas great again.”
Wright made the remarks on Wednesday after meeting Venezuela’s interim leader Delcy Rodriguez in Caracas, marking the highest-level visit by a US official since American special forces captured and overthrew socialist leader Nicolas Maduro on January 3.
Following talks with Rodriguez, who assumed leadership after Maduro and has developed a cooperative relationship with US President Donald Trump, Wright said ties between the two countries were “at a pivot in history.”
“I believe we will see an absolutely dramatic turn in the trajectory of this nation, in the state of the relationship between Venezuela and the United States, and in the business conditions in the hemisphere for commerce and trade,” he said.
During an earlier meeting with Rodriguez and oil industry executives, Wright stressed that Trump was “passionately committed” to reshaping relations between the former adversaries. Rodriguez, in turn, said she supported a “long-term productive partnership” that was “beneficial to both countries.”
Trump approved Rodriguez’s replacement of Maduro on the condition that she meets US demands regarding access to Venezuela’s vast oil resources and easing state repression.
Vast Reserves, Low Output
Venezuela, once a major crude supplier to the United States, holds the world’s largest proven oil reserves — more than 303 billion barrels — according to the OPEC, representing roughly a fifth of global reserves.
However, the country produced only about one percent of global crude in 2024, with its oil sector weakened by years of underinvestment, mismanagement, and US sanctions. Wright said the US oil embargo imposed in 2019 was “essentially over.”
Trump is pushing for US oil majors to help rapidly rebuild the sector and raise production by millions of barrels per day, with both countries expected to share profits. The United States completed a first sale of Venezuelan oil last month that generated $500 million for the South American nation.
Wright called for a “dramatic increase” in Venezuela’s production of oil, natural gas and electricity, saying it would improve “the job opportunities, the wages and the quality of life” of Venezuelans. He added that he and Rodriguez “spoke very candidly about the tremendous opportunities in front of us” as well as the challenges.
The talks were attended by the president of state oil company PDVSA, Venezuela’s diplomatic representative to Washington, and the US chargé d’affaires in Caracas. Rodriguez said she welcomed the opportunity for both nations “to address their historical differences in a mature manner.”
Relations Thaw
Wright’s visit comes amid a significant thaw in relations between Venezuela and the United States, which Caracas severed in 2019 after Washington refused to recognise Maduro’s disputed election victory.
Since Maduro’s removal, Rodriguez has introduced sweeping reforms, including opening the nationalised oil sector to private investment. Lawmakers are also considering a landmark bill that could grant amnesty to political prisoners.
Washington has eased sanctions on Venezuela’s oil industry, allowing US companies to partner with PDVSA and the government. However, challenges remain, including political instability, security concerns, and the substantial investment required to restore production capacity.
Venezuela produced about 1.2 million barrels per day in 2025 — up from a historic low of roughly 360,000 in 2020 — but still far below the 3 million barrels per day it produced 25 years ago. Rodriguez’s administration aims to increase output by a further 18 percent this year.
