US Energy Secretary Chris Wright on Wednesday pledged to drive a “dramatic increase” in Venezuelan oil output as part of a plan to “make the Americas great again.”
Wright met with interim Venezuelan leader Delcy Rodriguez in Caracas, becoming the most senior US official to visit the country since US forces removed Nicolás Maduro on January 3.
Following the talks, Wright told reporters that relations between the two nations were “at a pivot in history,” adding, “We are likely to see a significant change in Venezuela’s future, in US-Venezuelan ties, and in business conditions across the hemisphere.”
In discussions with Rodriguez and industry leaders, Wright emphasized that President Donald Trump is “deeply committed” to transforming relations between the two nations. Rodriguez said she favored a “long-term productive partnership” that would benefit both countries.
Trump approved Rodriguez’s takeover from Maduro on the condition that she grants access to Venezuela’s oil resources and eases state repression. Venezuela, once a major crude supplier to the US, holds over 303 billion barrels of proven reserves, or roughly a fifth of global reserves. Yet in 2024, the country produced just around 1% of the world’s oil, hampered by years of mismanagement, underinvestment, and US sanctions.
Wright also confirmed that the US oil embargo on Venezuela, in place since 2019, is now effectively lifted.
‘Historical Differences’
Trump aims for US oil companies to rapidly restore Venezuela’s oil sector and increase output by millions of barrels per day, with profits shared between the US and Caracas. Last month, the US completed its first purchase of Venezuelan crude under this new arrangement, generating $500 million for the country.
Wright stressed the goal of expanding production of oil, natural gas, and electricity to improve jobs, wages, and living standards for Venezuelans. He said he and Rodriguez had frank discussions about opportunities and challenges ahead.
The talks included officials from Venezuela’s state oil company PDVSA, Caracas’ US diplomatic representative, and the US charge d’affaires. Rodriguez highlighted the chance to resolve the countries’ historical differences in a mature way.
Dramatic Thaw
Wright’s visit reflects a sharp turnaround in US-Venezuelan relations, which broke down in 2019 when Washington refused to recognize Maduro’s election. Since Maduro’s removal, Rodriguez has implemented reforms including opening the nationalized oil sector to private investment.
Washington has eased sanctions, allowing US firms to operate with PDVSA, but attracting investment remains a challenge due to political instability, security issues, and the need for major capital investment to restore production capacity.
Venezuela produced 1.2 million barrels per day in 2025, up from a low of 360,000 bpd in 2020, but still far below the 3 million bpd it produced 25 years ago. Rodriguez’s government now aims to increase output by 18% this year.
