VENEZUELA · OIL
Key Facts
- Power Index Venezuela ranks 13th of 14 in The Rio Times Latin America Power Index, with 27.0 points (October 2026 edition).
- What is happening Trump said on Monday, 2 November, the US has “total control” of Venezuela and over half the world’s oil.
- Why it matters The claim came hours before US midterm voting and touches oil supply, sanctions and American investment.
- The numbers Venezuela holds about 303 billion barrels of proven reserves, 17% of the world; the US about 46 billion.
- Who is who Delcy Rodríguez is Venezuela’s acting president; OFAC, a US Treasury sanctions office, publishes Venezuela licences.
- What to watch Whether Caracas or Washington explains what “control” means, plus any Venezuelan reply or new OFAC licence.
- What it means for you Treat it as a political claim: Venezuela pumps about 1.2 million barrels a day.
President Donald Trump said on 2 November that the US has “total control” of Venezuela. Official figures on reserves, output and licences paint a narrower picture.
President Donald Trump said on Monday, 2 November, that the United States has “total control” of Venezuela. He also said US and Venezuelan oil together are more than half the world’s oil, news-agency reports say.
The interviews aired hours before polls opened for the US midterm elections on Tuesday, 3 November. Voters renew all 435 House seats and a third of the Senate.
What Trump Said
Reports of his remarks quote Trump saying the US has “total control” of Venezuela. He is reported to have said the US has its own people there.
Trump also said that, counting US output and Venezuela together, the US controls over half the world’s oil reserves. The reports describe his claim as more than 50% of the world total.
The reports are secondhand summaries, so his exact English words may differ. They do not make clear which interview carried each remark.
What the Reserve Numbers Show
The US Energy Information Administration (EIA), a federal agency, put Venezuela’s proven oil reserves at about 303 billion barrels in 2023. That is about 17% of the world total, the largest national share, but the oil is still in the ground.
US proved reserves of crude oil and lease condensate were about 46 billion barrels at the end of 2024, the EIA says. Adding the two gives about 349 billion barrels, roughly a fifth of the world total by simple arithmetic.
That is well short of the 50% attributed to Trump. Reserve estimates also depend on how much oil can be recovered at a profit, a point an earlier report examined.
Output and US Licences
OPEC, the oil producers’ group, puts Venezuelan output at about 1.2 million barrels a day in August and September. Those figures are the ones Venezuela itself reports to OPEC.
At that pace, 303 billion barrels would last about 690 years, if every barrel could be recovered. An earlier output report covers the monthly trend.
OFAC, a US Treasury sanctions office, lists general licences touching Venezuelan oil. They include 46E on Venezuelan-origin oil or petrochemical products (28 September) and 52C on state oil company PdVSA (14 September).
General licences apply to everyone within their stated terms, which this report did not review. OFAC’s latest Venezuela licence action, on 16 October, covered earthquake relief, not oil.
Earlier Claims and Context
In late August Trump said a deal gave the US control of 65 billion barrels of Venezuelan oil. Caracas is run by acting president Delcy Rodríguez, after the US seized Nicolás Maduro in January.
The Rio Times guide to Venezuela’s natural resources and the Venezuela hub track the deal. Another report covers opposition questions about its terms.
What It Means for You
For US drivers, a claim of control does not change what Venezuela pumps, about 1.2 million barrels a day. Investors in oil companies should watch OFAC’s licence list, which is where legal permission to trade sits.
What Is Not Known
No transcript or video was opened, so Trump’s exact English words are unconfirmed, and the reports trace to one news agency. No reply from Caracas or OFAC was found as of Tuesday, 3 November.
It is unclear what “control” means in practice or who the US people in Venezuela are. Only the licence titles were read, not their full terms.
Frequently Asked Questions
What did Trump say about Venezuela?
Reports quote him saying the US has “total control” of Venezuela. He spoke in interviews on Monday, 2 November.
Does the US control half the world’s oil?
No data support that. EIA figures put Venezuela at about 17% of proven reserves and US reserves near 46 billion barrels; together, roughly a fifth.
How much oil does Venezuela produce?
About 1.2 million barrels a day in August and September, OPEC reports show. The figures are those Venezuela reports to OPEC.
Can US companies trade Venezuelan oil?
OFAC general licences, such as 46E, cover certain activities involving Venezuelan-origin oil. Terms and limits apply, so check them before any deal.
Sources: US Treasury OFAC, Venezuela-related sanctions page and general licences list (accessed 3 November 2026); US Energy Information Administration, Venezuela country analysis (303 billion barrels, 2023, as cited in public summaries); EIA, US proved reserves at year-end 2024 (29 April 2026); OPEC Monthly Oil Market Report, September and October 2026 editions; US television interviews of 2 November 2026 as summarised in news-agency reports (transcript not opened).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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