Energy Secretary Signals Path To Expanded Venezuelan Oil Output

U.S. Energy Secretary Chris Wright said the Trump administration is working with Venezuelan officials and U.S. oil companies to create conditions for expanded oil production, signaling a possible shift after Washington imposed a full blockade on Venezuelan exports.

Speaking at a Goldman Sachs energy conference, Wright said progress with Venezuela’s interim government could allow the import of equipment and services needed to stabilize output and then increase production.

Energy Secretary Chris Wright said Wednesday the Trump Administration plans to control future sales of oil from Venezuela and use the proceeds to rebuild the nation’s beleaguered economy https://t.co/L7uP4fYjXo pic.twitter.com/24ITHwbKBm

— Bloomberg TV (@BloombergTV) January 7, 2026

He said growth of several hundred thousand barrels per day is possible, though no timeline was given.

Venezuela’s oil sector remains under strict U.S. sanctions, but Wright suggested market-driven reforms could draw private investment.

He said capital will flow only if Venezuela makes changes that allow companies to earn returns.

WATCH LIVE: Energy Secretary Chris Wright speaks at energy conference https://t.co/VAeE9nevHA

— Fox News (@FoxNews) January 7, 2026

Major U.S. producers Exxon Mobil and ConocoPhillips exited Venezuela in 2007, while Chevron operates under a limited license.

Executives from all three firms are scheduled to meet President Donald Trump at the White House.

Trump recently said Venezuela’s interim authorities will transfer 30 to 50 million barrels of stored oil to the United States. Wright said the U.S. government will market that oil and channel proceeds back to benefit Venezuelans.

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