U.S. Energy Secretary's Venture into Venezuelan Oil Dialogue

U.S. Energy Secretary Chris Wright is preparing to travel to Venezuela, aiming to open discussions with local officials about the future leadership of the Venezuelan state oil company, PDVSA, according to Politico.

On his visit, Wright plans to assess several oilfields and shared with Politico insights on PDVSA's decline over the past 30 years. He expressed intentions to enhance the management of the state-run oil company, which has stood as a barrier to the Trump administration's push for more international investment in Venezuela's oil sector.

Reports indicate that in December, due to oil quality issues and U.S. sanctions, PDVSA was compelled to significantly reduce prices compared to benchmark Brent crude. During his visit, Wright plans to meet with acting President Delcy Rodríguez, with expectations that the country will hold democratic elections within the next 18 to 24 months.