Washington anticipates Venezuela will contribute 30-40% of the global crude oil supply increase this year
Venezuela's oil production increase this year will represent "30-40%" of the global supply increase, according to U.S. Secretary of Energy Chris Wright on Tuesday. Wright, who participated in a colloquium at the French Institute of International Relations (IFRI) in Paris, calculated that if Venezuela's current production is less than one million barrels per day, the possible increase between now and the end of the year could be "several hundred thousand" additional barrels.
TL;DR
- Venezuela's oil production increase could represent 30-40% of global supply growth this year.
- U.S. Secretary of Energy Chris Wright believes Washington's interest in Venezuela is geopolitical and economic, not military.
- The U.S. strategy involves using oil and trade, not military force or taxpayer money.
- Changes in Venezuela include the release of hundreds of political prisoners and the return of money to the country.
- Millions have emigrated from Venezuela, with many going to poorer countries.