Fact-check · Sep 12, 2026 · Donald Trump
“It's 65,000,000,000 barrels of oil. It's good for five hundred years.”
MISLEADINGSaid in 4 broadcasts
What the record shows
Venezuela's proven reserves total ~303 billion barrels (EIA/OPEC 2024). A US-Venezuela agreement announced August 29, 2026 covers 65 billion barrels from 17 strategic fields. At current production (~1 million bbl/day), total reserves last ~500 years; the 65 billion subset alone would last ~178 years.
Sources
- Venezuela Oil Sector: Context for Recent Developments
- Venezuela Oil Reserves, Production and Consumption Statistics - Worldometer
- Oil reserves in Venezuela
- Venezuela Oil Sector: Context for Recent Developments | Congress.gov | Library of Congress
- What Portion of Venezuela’s Reserves Are Heavy/Sour an...
- Venezuela Oil Reserves Statistics 2026 | 303 Billion Barrels & Facts – The Global Statistics
From: President Trump Delivers Remarks to U.S. Embassy Personnel and Business Leaders
Every time it was said
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