US Energy Secretary Wright: Venezuela's crude oil production will double, US gasoline prices expected to fall

US Secretary of Energy Wright stated that oil companies from the United States and other countries will sign an agreement in Caracas on Wednesday to more than double Venezuela's crude oil production in the coming years. Venezuela's crude oil production reached over 3 million barrels per day in the late 1990s and has been around 1.1 to 1.2 million barrels per day in recent months. Wright stated that the investments involved in the agreement will increase oil production and exert downward pressure on oil prices, with refining capacity currently the biggest bottleneck for gasoline and diesel prices. Wright also stated that thanks to the Trump administration's relaxation of refinery regulations, gasoline prices in the United States are expected to decline in the coming weeks.