U.S. Interior Secretary Doug Burgum announced today (March 11, 2026) that American oil companies are set to soon announce increased production amid rising global oil prices — a trend linked to the ongoing conflict in Iran.
Production Response to Market Conditions
Speaking in an interview with CNBC, Burgum said: “I believe you’ll see all oil companies announce they’ve increased production here in the U.S.” He attributed the move to higher prices and “in response to the needs we have right now.”
Venezuela’s Potential Role
The Secretary also noted it is “reasonable” to expect Venezuela to contribute to the supply increase — potentially adding up to 4 million barrels per day. That figure would represent a significant uplift, though it remains unclear how quickly or under what conditions such output could be realized, given Venezuela’s longstanding sanctions and infrastructure challenges.