Caracas, September 02 (QNA) - US Energy Secretary Chris Wright today said he expected Venezuela's oil production to exceed two million barrels per day by 2030.
Speaking to reporters a day after arriving in Venezuela to discuss the oil agreement between the two countries, Wright said the country was currently producing slightly more than 1.2 million barrels per day. He expected output to exceed 1.5 million barrels per day in the first half of next year and to surpass two million barrels per day by a wide margin by 2030, after production stood at less than one million barrels per day at the beginning of this year.
Venezuela has the world's largest proven oil reserves, estimated at more than 300 billion barrels, although its production remains very limited at around 1.2 million barrels per day.
US President Donald Trump announced on Aug. 28 that Washington and Caracas had reached an agreement allowing the United States to gain control over around one-fifth of Venezuela's oil reserves, or more than 65 billion barrels, and to purchase a specified amount of oil at cost.
Trump described the agreement as the world's largest oil deal and said it would double US oil reserves.
For her part, Venezuela's acting president, Delcy Rodriguez, affirmed that her country would retain ownership and sovereignty over its resources, describing the agreement as being in Venezuela's interests.
Venezuela's National Assembly voted yesterday, Tuesday, in favor of the agreement, while the military also announced its support for all of its provisions. (QNA)