Trump praises Venezuela’s 65-billion-barrel oil agreement

Trump says US is the world’s largest oil producer, excluding Venezuela

U.S. President Donald Trump said at a rally in Dallas that the United States is the world’s largest oil producer, excluding Venezuela’s approximately 65 billion barrels of proven oil reserves. The White House said an agreement covering 17 oil fields in Venezuela is expected to generate $200 billion in royalty and tax revenue during its first 25 years.

Scraper SystemSeptember 10, 2026, 09:47 AM

Trump says US is the world’s largest oil producer, excluding Venezuela

U.S. President Donald Trump said the United States is the world’s largest oil producer when Venezuela’s proven oil reserves are excluded.

Trump calls the agreement the largest in US history

Speaking at a rally in Dallas, Texas, on Wednesday night, Trump praised the energy agreement covering Venezuela’s approximately 65 billion barrels of proven oil reserves. He said the agreement could potentially be “the largest agreement in the history of our country.”

“We’re now the largest in the world, and that does not include Venezuela, which we just added to our small reserve stockpile,” Trump said.

Company stake and share of production

According to details announced by the White House, North American Blue Energy Partners will transfer a 35% stake in its parent company to the Office of Strategic Capital within the U.S. Department of Defense. The announcement said the transfer would not impose a cost on American taxpayers.

The U.S. Department of State will also have the right to purchase 20% of production at cost.

Two different statements on the concession period

The White House announced that North American Blue Energy Partners had obtained 100-year concessions for 17 oil fields. Venezuela’s interim President Delcy Rodriguez had previously said the agreement was for 25 years.

The White House said the agreement is expected to generate $200 billion in royalty and tax revenue during its first 25 years. The revenue is expected to be used for Venezuela’s reconstruction and social development.