Fact Check: Is Trump’s claim US and Venezuela have over 60% of world’s oil true?

WASHINGTON, DC: Social media users were quick to point out errors in President Donald Trump’s statements during his address to the United Nations General Assembly on Tuesday, September 22. During the speech, he discussed topics including US munitions supplies, oil, and the economy.

One claim that drew attention was Trump’s statement that the US and Venezuela together have more than 60% of the world’s oil. Let’s fact-check the claim.

Claim: Trump says US and Venezuela together have more than 60% of world's oil  

While discussing a recent US-Venezuela oil agreement, Trump said the two countries together have more than 60% of the world’s oil.

Trump said during his United Nations General Assembly address, "When you add the United States and Venezuela together, we have more than 60% of the oil in the world.”

Trump made the statement while highlighting a deal announced in August that gives US interests majority control of more than 65 billion barrels of proven Venezuelan oil reserves. 

The White House described the agreement as a major expansion of US oil reserves and said it would strengthen the country’s energy supply.

The claim quickly drew attention because Venezuela has the world’s largest proven oil reserves, while the US also holds a significant amount.

Fact Check: The claim is false

The claim is false. Trump’s numbers do not match available data on global oil reserves.

However, current estimates show that the two countries hold a much smaller share of global oil reserves.

The White House said the US's recent agreement in August would greatly increase US oil reserves, which currently stand at about 46 billion barrels.

Venezuela has about 303 billion barrels of proven oil reserves, making it the country with the largest proven reserves in the world.

But having large reserves does not mean all of that oil is being produced or immediately available to the US. Venezuela’s oil industry also needs major investment in infrastructure before production can increase significantly.

Experts estimate that a major increase in Venezuelan oil production could take several years.

Even when the US and Venezuela’s reserves are combined, they account for about 21.9% of the world’s proven oil reserves, according to PolitiFact.

Their combined oil production also accounts for about 23.2% of global production. These figures are far below Trump’s claim of more than 60%.

The 60% figure therefore overstates the amount of oil held by the two countries. The new US-Venezuela deal gives the US access to a large amount of Venezuelan oil, but it does not mean the two countries control more than half of the world’s oil reserves.