Khaberni - The administration of American President Donald Trump rejected on Tuesday the analysts' estimates that it would take years to increase Venezuela's crude oil production, stating that it has many ways to rapidly enhance the oil sector in the Latin American country.
Increasing crude oil production from Venezuela, which has the largest oil reserve in the world, is a key goal for Trump following the arrest of Venezuelan leader Nicolas Maduro by American forces during an attack on the capital, Caracas, on Saturday.
The country's exports have fallen to less than a million barrels per day from more than 3 million barrels per day twenty years ago amid a longstanding shortage of investment, which has led to the deterioration of its infrastructure.
U.S. Interior Secretary Doug Burgum said that one of the options available for Washington is to lift sanctions imposed on Venezuela, which have prevented the country from accessing essential equipment for oil fields and other technologies to maximize production.
In an interview with Fox Business Network, he said, "Some of these things can be done very quickly."
He added, "The opportunity on the business side there is really tremendous."
Three informed sources said that American oil sector CEOs are expected to visit the White House on Thursday to discuss investments in Venezuela.
One of the sources said that the details and timing of the meeting are still under discussion.
Energy Secretary Chris Wright is scheduled to speak at the Goldman Sachs conference in Miami on Wednesday morning.
Trump says the American oil sector could expand its operations in Venezuela in less than 18 months, possibly through support.
Trump told NBC News on Monday, "I think we can do it in less time than that, but it will require a lot of money."
He added, "A tremendous amount of money will have to be spent, and it will be spent by the oil companies, and then they will be compensated by us or through revenue."
Trump mentioned on Tuesday in comments before the Republicans in the U.S. House of Representatives that increasing Venezuelan production could also reduce energy costs for Americans.
He added, "We have a lot of oil to extract, which will lead to further reductions in oil prices."
