Trump Says US Would Control 55% of World Oil

US president Donald Trump has claimed that the United States could command more than half of global oil production if American energy firms regain entry into Venezuela’s oil sector, Russia's RT reported. 

Venezuela holds the largest confirmed oil reserves in the world. During the early 2000s, the government under then-president Hugo Chávez brought foreign-owned energy assets under state control, including those operated by US companies.

Trump described those moves as unjust and referenced them while justifying last week’s US operation that resulted in the capture of Chávez’s successor, President Nicolás Maduro, from his residence in Caracas.

Speaking on Friday at the White House after talks with senior executives from ExxonMobil, Chevron, and ConocoPhillips, Trump said Washington intends to pursue closer engagement with Venezuela’s energy industry.

According to Trump, American firms could help restore and modernize Venezuela’s deteriorated oil infrastructure, eventually pushing production beyond previous records. He asserted that when the oil resources of both countries are combined, they would account for roughly 55 percent of the world’s supply.

Following the meeting, Trump announced that US companies were prepared to invest at least $100 billion into Venezuela’s petroleum sector. However, ExxonMobil CEO Darren Woods cautioned that large-scale investment would not be viable without major regulatory reforms and a complete restructuring of the country’s energy framework.

Caracas has not officially confirmed that US companies will be granted access to its oil industry. Still, acting president Delcy Rodríguez, a close ally of Maduro, said earlier in the week that Venezuela remains open to energy partnerships with all international stakeholders, including the United States.

Venezuelan authorities have strongly criticized Trump’s statements, accusing Washington of attempting to seize the nation’s natural resources and denouncing Maduro’s capture as a serious breach of national sovereignty. Maduro has denied all drug-trafficking and weapons-related charges after appearing before a US court on Monday.