Wright met interim leader Delcy Rodriguez in Caracas, becoming the highest-ranking US official to visit Venezuela since US special forces captured and overthrew socialist leader Nicolas Maduro on January 3.
After talks with Rodriguez, who took over from Maduro and has struck a cooperative relationship with US President Donald Trump, Wright told reporters relations between the nations were "at a pivot in history."
"I believe we will see an absolutely dramatic turn in the trajectory of this nation, in the state of the relationship between Venezuela and the United States, and in the business conditions in the hemisphere for commerce and trade," he added.
In a meeting earlier with Rodriguez and oil industry executives, Wright insisted Trump was "passionately committed" to transforming ties between the two former foes.
Rodriguez said she supported a "long-term productive partnership" that was "beneficial to both countries."
Trump approved former vice-president Rodriguez's replacement of Maduro on the condition she complies with his demands on access to Venezuela's vast oil resources, and on easing state repression.
Venezuela, once a major crude supplier to the United States, has the world's largest proven reserves with more than 303 billion barrels, according to global oil cartel OPEC.
This amounts to about a fifth of the world's oil reserves.
But in 2024, the South American country produced only about one percent of the world's total crude, however -- its industry left haggard by years of underinvestment, mismanagement and US sanctions.
Wright said Wednesday that the US oil embargo on Venezuela, in place since 2019, was "essentially over."
- 'Historical differences' -
Trump wants US oil majors to rapidly rebuild the sector and boost output by millions of barrels per day, saying the United States and Caracas will share the profits.
The United States carried out a first sale of Venezuelan oil last month that made the Caribbean country $500 million.
Wright called for a "dramatic increase" in Venezuela's production of oil, natural gas and electricity which would improve "the job opportunities, the wages and the quality of life" of all Venezuelans.
He said he and Rodriguez "spoke very candidly about the tremendous opportunities in front of us" as well as the challenges.
The president of Venezuelan state oil firm PDVSA, Venezuela's diplomatic representative to the United States, and the US charge d'affaires in Caracas joined Wednesday's talks.
Rodriguez said she welcomed the opportunity for their two countries "to address their historical differences in a mature manner."
- Dramatic thaw -
Wright's visit to Caracas comes amidst a dramatic thaw in US-Venezuelan relations, which Caracas broke off in 2019 after Washington refused to recognize Maduro as the winner of tainted elections.
In a series of head-spinning reforms since Maduro's fall, Rodriguez last month opened up the nationalized oil sector to private investment.
On Thursday, parliament could adopt a landmark bill granting amnesty to political prisoners.
Washington for its part has eased sanctions on Venezuela's oil industry, allowing US companies to work with PDVSA and the government.
The challenge now is to persuade oil companies to invest in Venezuela despite persisting political instability, security concerns, and the need for heavy investment to restore production capacity.
The country produced 1.2 million oil barrels per day in 2025 -- up from a historic low of about 360,000 in 2020 -- but still far from the 3.0 million bpd it was pumping 25 years ago.
Rodriguez's government aims to increase output by a further 18 percent this year.
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