US Energy Secretary Chris Wright said that agreements between Washington and Caracas could increase Venezuela’s revenues, create jobs, and return more oil to international markets. According to him, companies are already considering investments worth billions of dollars, spanning many years and even decades, signaling a shift in their assessment of future risks in the country. Wright called the agreements a major success and stressed that they could bring Venezuela additional tax revenues, royalties, and new opportunities for its citizens regardless of possible political scenarios.
At the same time, the secretary noted that restoring the oil industry will require large-scale investment and technological assistance. The outdated and severely deteriorated oil-refining infrastructure poses a particular challenge, and American and other international companies are expected to participate in its modernization. Restoring the refineries will allow Venezuela to process a larger share of its oil domestically and will be one of the key conditions for the energy sector’s full revival, while increased crude oil supplies will also affect the global market, which is experiencing an oil shortage.
Full version: US Energy Secretary Foresees Success and Major Investment in Venezuela Following Oil Deal