US Energy Secretary Chris Wright stated that Venezuela is expected to increase its oil production by 30% to 40% this year, equivalent to a daily output rise of approximately 300,000 to 400,000 barrels.

During an interview at the International Energy Agency (IEA) ministerial meeting in Paris, Wright noted that companies have shown "significant" interest in entering Venezuela. He also mentioned that the projected production increase represents about one-third of the growth in global oil demand this year.

The Trump administration recently granted licenses to a small number of Western oil companies to operate in Venezuela. Following the arrest of Maduro earlier this year, the US is attempting to revive Venezuela's oil industry and stimulate its economy. Since the US first imposed financial sanctions on Venezuela in 2017, the country's oil production has fallen by roughly half.