Venezuela could significantly boost its oil production by 30% to 40% this year, according to US Energy Secretary Chris Wright. The potential increase of roughly 300,000 to 400,000 barrels per day represents a major shift in the country's struggling energy sector.

This projected growth comes as Venezuela seeks to revive its oil industry after years of economic sanctions and underinvestment. The country's production has plummeted from over 3 million barrels per day in the early 2000s to less than 700,000 barrels per day in recent years. US officials have been engaging with Venezuelan leadership to stabilize the country's oil sector and potentially ease some sanctions.

The potential production increase could have significant implications for global oil markets, particularly as OPEC+ continues to manage supply levels. Venezuela's Orinoco Belt holds some of the world's largest oil reserves, and any meaningful recovery in production could affect global crude prices and supply dynamics. The projected growth would mark a substantial turnaround for Venezuela's oil industry, which has been hampered by political instability, lack of investment, and operational challenges.