WASHINGTON, DC — During his address to the United Nations General Assembly on Tuesday, September 22, President Donald Trump touched on a range of subjects, including the economy, American munitions supplies, and energy. However, his remarks regarding global oil supplies quickly drew scrutiny from observers online.
### Claim: Trump asserts the US and Venezuela hold over 60% of global oil
While speaking about a newly established US-Venezuela energy partnership, Trump stated, “When you add the United States and Venezuela together, we have more than 60% of the oil in the world. To the victor belong the spoils.”
This assertion was tied to an August agreement granting American interests majority control over more than 65 billion barrels of proven oil reserves in Venezuela. The White House heralded the pact as a significant boost to the nation’s energy supply and overall reserves. While Venezuela undeniably holds the largest proven oil reserves globally and the US maintains a substantial share, the combined percentage became an immediate point of discussion.
### Fact Check: False
Available global energy data directly contradicts the figures cited by the president.
Current official estimates indicate that the combined oil reserves of the United States and Venezuela are significantly lower than 60%. The US currently holds roughly 46 billion barrels in proven reserves, while Venezuela accounts for approximately 303 billion barrels—the largest total of any single nation.
Despite these massive individual figures, possessing large reserves does not equate to immediate production or total availability. Venezuela’s petroleum sector has suffered from severe infrastructure neglect, meaning that any substantial ramp-up in extraction will likely require years of heavy investment.
Furthermore, data analyzed by fact-checkers like PolitiFact shows that when you combine the proven oil reserves of both nations, they account for roughly 21.9% of the world’s total. Their combined output represents about 23.2% of global production.
While the August agreement certainly expands American access to Venezuelan petroleum, the assertion that the two nations control over 60% of the world’s oil is a significant overstatement.
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