[U.S. Energy Secretary: Venezuela's Crude Oil Production Will More Than Double in the Coming Years] According to a report by Jinse Finance, on September 2, U.S. Energy Secretary Wright stated upon arriving in Venezuela on Tuesday that agreements to be signed on Wednesday in Caracas by U.S. and other international oil companies will drive Venezuela's crude oil production to more than double in the coming years. Venezuela's crude oil production once exceeded 3 million barrels per day in the late 1990s but has since sharply declined due to insufficient investment, poor management, and U.S. sanctions. In recent months, the country's crude oil production has been around 1.1 to 1.2 million barrels per day. Wright noted that the investments involved in these agreements will "significantly increase" the available oil supply and exert downward pressure on oil prices. He also pointed out that the biggest bottleneck currently facing gasoline and diesel prices is refining capacity. Wright further stated that, thanks to the Trump administration's relaxation of refinery regulations, U.S. gasoline prices are expected to decrease in the coming weeks.