US plans to boost Venezuela’s oil output

The United States is holding discussions with Chevron, other oil producers, and major oilfield service companies about a plan to quickly increase Venezuela’s oil production.

Officials are considering using companies such as SLB, Halliburton, and Baker Hughes to fix and replace outdated oil equipment in the country.

The report said that even with limited investment, Venezuela could increase its crude oil output by several hundred thousand barrels.

It added that modern US technology and methods could help restore existing oil wells and bring new production online within a few months.