Secretary says Venezuelan oil exports, investment are increasing and adding supply

Christopher Wright told the Atlantic Council that Venezuelan oil production and exports have risen substantially since December and that foreign capital is returning to the country’s energy sector.

Wright said exports from Venezuela have "roughly tripled from December to where we are today" and that private-equity and other foreign investors are actively exploring or making investments. He argued that increased Venezuelan supply benefits U.S. refineries, which were designed for Venezuelan crude types, and reduces pressure on global markets.

The secretary framed those developments as part of a broader recovery in the hemisphere: he said millions of Venezuelans had left the country in prior years but described signs of return and investment that could foster economic improvement.

Transcript remarks did not name specific companies, projects, or bilateral deals; Wright’s assertions about tripled exports and investor activity are presented as his account and should be verified against trade and operator data.