U.S. energy secretary says Venezuela oil output to more than double in next few years

U.S. Energy Secretary Chris Wright said on Tuesday after landing in Venezuela that deals that oil companies from the U.S. and other countries sign tomorrow in Caracas will lead to a more than doubling of crude production in the next few years.

US Energy Secretary Chris Wright landed in Venezuela on Tuesday ahead of a signing ceremony for a landmark oil deal between the US government and Venezuela. The deal would see the US create and control a private company that will hold 65 billion barrels in proven oil reserves. This agreement is also meant to encourage

US Energy Secretary Chris Wright said companies are on the cusp of signing a series of deals that will put Venezuela on pace to rapidly expand its output of crude.

Venezuela's National Assembly voted to back the 65-billion-barrel oil deal, despite no details being publicly released.