US Energy Secretary says Venezuela moving in right direction while Iran oil falls 400,000 barrels

US Energy Secretary Chris Wright made fresh comments on Venezuela, Iran, and global energy developments as geopolitical tensions continue to shape oil markets.

Wright stated that developments in Venezuela are “heading in the right direction,” signalling continued optimism from Washington regarding recent political and energy sector changes in the country.

The remarks come as the United States increases involvement in Venezuela’s oil sector and pushes for higher production levels following recent reforms and diplomatic engagement.

Chris Wright says US inspectors for Iran would come from the Energy Department

Wright also revealed that any future US inspectors involved with Iran would likely come from the Department of Energy.

The statement drew attention as negotiations and discussions around Iran’s nuclear program and broader regional tensions remain closely watched by global markets.

The Department of Energy has historically played a role in nuclear oversight and technical inspections alongside international agencies in sensitive geopolitical agreements.

Wright added that the United States currently does not have direct dialogue with Iranian officials, highlighting the complicated diplomatic environment surrounding ongoing negotiations.

Iran’s oil production reportedly cut by 400,000 barrels per day

According to Wright, Iran appears to have reduced oil production by around 400,000 barrels per day.

The decline could become important for global crude supply expectations if disruptions continue or geopolitical tensions escalate further in the Middle East.

Energy markets have remained highly volatile in recent weeks due to uncertainty surrounding Iran, sanctions, shipping routes, and broader regional security concerns.

Oil traders continue monitoring any changes in Iranian production levels because supply shifts can quickly impact global crude prices and inflation expectations.

Venezuela remains a major focus for the US energy strategy

Wright’s positive comments on Venezuela come after several recent signals that Washington wants deeper involvement in rebuilding the country’s struggling energy sector.

US officials have repeatedly suggested that Venezuelan oil production could rise significantly if reforms continue and foreign investment expands.

Analysts believe Venezuela could become increasingly important for global oil supply stability if geopolitical risks around Iran continue to pressure energy markets.