The US Department of Energy has predicted a 50% increase in oil production in Venezuela%

According to the forecasts of the US Department of Energy, oil production in Venezuela should increase by 50% over the next 12-18 months, the head of the department, Chris Wright, said on September 2.

"I immediately said that within 12-18 months, oil production in Venezuela will increase by 50%. I am not giving up my forecast," the minister said on CNBC.

By the end of this decade, the amount of oil produced in Venezuela should exceed 2 million barrels per day, according to Wright. And by the end of the first half of 2027, production should reach more than 1.5 million barrels per day.

As for the situation in the Strait of Hormuz, the US military will maintain a military presence there for as long as necessary, the head of the Ministry of Energy added.

A barrel of discord: Venezuela is thinking about leaving OPEC

Caracas may abandon the cartel for the sake of increasing oil production and rapprochement with Washington.

The Financial Times (FT) newspaper wrote on September 1 that US President Donald Trump's plan to gain control of 65 billion barrels of Venezuelan oil is designed to increase American reserves, attract investment in Venezuela's energy sector and lower fuel prices in the United States. It will also increase production by about 1.5 million barrels per day, which is why lower fuel prices for Americans should not be expected in the coming years.

The Wall Street Journal newspaper indicated that the Trump administration intends to announce an oil deal with Venezuela due to the conflict in Iran and the upcoming midterm congressional elections. On August 30, Trump promised to fill the strategic oil reserve with supplies from Venezuela, calling it a gift from Venezuela to the people of the United States.