US President Donald Trump said that Washington has “full control” over Venezuela and that, if the US and Venezuelan oil reserves are combined, they represent more than half of the world’s reserves.
Trump made the statement in an interview with Fox News host Sean Hannity. “We have full control over Venezuela. We have deployed our people there. We have enormous amounts of oil,” the president said.
“Now we have more than Saudi Arabia, Russia and the next-largest country combined.”The European news agency EFE reported his remarks as part of his final message before the US midterm elections. The statement does not make clear how Trump calculated the share of more than 50%, nor whether he was referring to proven reserves, potential deposits or production.
The US is the leading producer, but the claim concerns reserves
Data from the US Energy Information Administration show that the country is the world’s largest producer of crude oil. Average US production in 2025 was 13.6 million barrels per day. By comparison, Russia produced 9.9 million barrels per day, while Saudi Arabia produced 9.6 million.
These figures mean that the US produces more crude oil than either of the two countries individually, but not more than Russia and Saudi Arabia combined. Trump’s statement, however, refers to the total amount of oil that he says is under US control, rather than production alone.
Venezuela has the world’s largest proven crude oil reserves—around 303 billion barrels, according to the US Energy Information Administration. Its production is significantly lower: approximately 973,000 barrels per day in 2025, according to the same institution.
Fuel prices are a key issue ahead of the vote
The president’s statement comes amid strong public dissatisfaction with the cost of living. A Pew Research Center survey of 5,062 US adults, conducted between September 28 and October 4, found that 74% were highly concerned about gas and energy prices. In January, the share was 43%.
According to an AP-NORC survey conducted between October 8 and 12 among 1,119 adults, 79% of voters disapprove of the way Trump is handling the cost of living. 84% identified the issue as one of the most important factors in deciding whom to vote for.
All 435 seats in the House of Representatives are up for election in the midterms, while one-third of the Senate will be decided. Republicans are seeking to retain control of both chambers, while Democrats are attempting to regain a legislative majority.