US energy chief says Venezuela oil output to more than double in next few years

U.S. ​Energy Secretary Chris Wright ​said on Tuesday ‌after landing ​in Venezuela that deals that oil companies from the U.S. and other ‌countries sign tomorrow in Caracas will lead to a more than doubling of crude production in the next few years.

Wright ‌is on a one-day trip to the founding OPEC ‌member, his second since U.S. forces seized Venezuela's leader Nicolas Maduro in January. Venezuelan oil production peaked above 3 million barrels per day in ⁠the ​late 1990s ⁠but plummeted after that on a lack of investment, mismanagement and U.S. ⁠sanctions. In recent months it has been around 1.1 million ​to 1.2 million bpd, rising slightly since Maduro was captured.

Wright ⁠said U.S. gasoline prices should fall in coming weeks due to ⁠steps ​the Trump administration has taken to ease regulations on refiners. "The investment in these deals will massively grow ⁠available oil production, which will give downward pressure on oil prices, but ⁠the ⁠biggest kink right now in gasoline and diesel prices is refining capacity," Wright told reporters ‌after ‌landing.