Trump Says US Is Producing More Oil And Gas Than Ever, Touts Venezuela Deal

US President Donald Trump touted the country's oil and gas production during his speech at the 2026 RNC Midterm Convention, claiming the US is now producing more energy than ever before and has surpassed Russia and Saudi Arabia combined.

He said that said the Venezuela deal could give Washington access to 65 billion barrels of oil.

What Did Trump Say About US Oil Production?

Trump credited US energy workers, particularly those in Texas, for the country's record production.

“With the help of our great energy workers here in Texas, our country is producing more oil and gas today than ever before. Now listen to this. More than Russia and Saudi Arabia combined. But getting back to oil, okay, we we you are doing and as I said, you're the biggest with now the biggest in the world. We were nowhere near that. Now you're we're the biggest in the world,” he said.

What Did Trump Say About Venezuela's Oil?

Trump also spoke about the ease of finding oil in Venezuela, contrasting it with the extensive exploration carried out by major energy companies such as Exxon and Chevron.

He said companies typically employ highly paid experts and use expensive equipment to search for oil around the world. In Venezuela, he claimed, the oil could sometimes be identified simply by looking at oil-soaked ground.

“And that's without Venezuela, which we've just added to our little stockpile. It's it's the biggest oil deal and probably it's the biggest deal in the history of our country. 65 billion barrels are ours. And you know what they say it is lifetime 500 years,” he said.

“And you know in Venezuela, you know how you find the oil? You know the way Exxon and Chevron, they go around looking. They hire these geniuses. They pay millions of dollars. They spend millions and millions for equipment. They go all over the world looking. They can't find it. In Venezuela, what you do is the following,” he said.

Trump claimed that the US had access to 65 billion barrels of Venezuelan oil and said the reserves could last for 500 years.

“You look on the ground and you see ground that's soaking wet with oil and you say, "Let's build our rig right there." There's really nothing like it. And we have a great relationship,” he said.

US’ Oil Agreement with Venezuela gives the US government powerful governance rights, economic ownership, and guaranteed low-cost off-take from a new private Venezuelan oil champion, which will be the second-largest private oil company by reserves in the world, as per a statement by the White House.