US Energy Secretary Chris Wright recently asserted that Chevron, the only US oil company operating in Venezuela, is capable of boosting its oil production to 300,000 barrels per day. Wright expressed confidence in Chevron's ability to enhance production following a visit to the oil fields that the company operates in the Caribbean nation. The increase in production hinges on effective cooperation between the US and Venezuela, which would involve both political and economic agreements. Wright's remarks underscore the potential for a significant uplift in Venezuelan oil output amid ongoing discussions between the two nations.

Chevron's production levels in Venezuela currently hover between 225,000 and 240,000 barrels per day for much of 2025, according to industry experts. The company's operations include a minority stake in joint ventures with the state-owned PDVSA and encompass four oil projects along with one gas project. The implications of increased production are critical not only for Chevron’s operations but also for international oil markets, especially as Venezuela seeks to revitalize its oil industry amid sanctions and economic challenges.

The developments point to a broader context where easing of tensions between the US and Venezuela could pave the way for increased foreign investment in the Venezuelan oil sector, potentially revitalizing an industry that has seen significant decline in recent years. As both countries navigate these complex dynamics, the future of Chevron's operations in Venezuela could serve as a litmus test for improved relations and economic cooperation, which may have wider repercussions for global energy markets as well.