US negotiating with Chevron, other oil firms for fast Venezuelan oil output: Report

The United States is currently negotiating with Chevron, other oil producers, and leading service firms to implement a strategy for a rapid increase in Venezuelan oil output, Bloomberg News reported on Saturday.

According to the report, American officials are considering the deployment of SLB, Halliburton, and Baker Hughes to overhaul antiquated infrastructure and modernize long-standing drilling operations.

Even modest capital injections could significantly elevate production by several hundred thousand barrels in the near future. The application of contemporary American technology and extraction methods is expected to restore dormant wells and initiate new production cycles within a matter of months, said the report.

On Friday, US President Donald Trump announced that American energy corporations are poised to begin drilling operations in the country shortly. Since the capture of Venezuelan leader Nicolás Maduro earlier this month, the President has consistently signaled his intent to revitalize the nation’s energy sector and expand global supply through these strategic partnerships.

The United States has claimed ownership of crude oil from confiscated Venezuelan tankers and plans to process the fuel in American refineries, President Donald Trump stated in a New York Post interview released on Saturday.

"Let’s put it this way — they don’t have any oil. We take the oil,” Trump told the newspaper.

The President said the oil is currently being processed in "various locations," including facilities in Houston.

To date, the US military has intercepted seven vessels linked to Venezuela as part of a month-long initiative to dominate the nation’s energy exports.

On Tuesday, Trump announced that his administration had successfully extracted 50 million barrels from Venezuela, with a portion already being sold on the global market.

The sale of Venezuelan crude is expected to generate revenue for both nations while simultaneously " bring down oil prices even further," President Trump told reporters aboard Air Force One on Thursday.

A spokesperson for Halliburton said the company’s objective in Venezuela "is to achieve quick wins and generate immediate production recovery,” according to the Bloomberg report.

A rapid surge in Venezuelan oil exports would align with several of Trump’s core objectives.

The President has long prioritized American energy supremacy as a tool for international leverage and domestic political strength, particularly as he attempts to mitigate inflation concerns prior to the consequential midterm elections this November.

While even a marginal increase in supply could stabilize global fuel prices, it also provides the United States greater strategic flexibility to act against Iran without causing a significant market shock.