Trump: US now world's biggest oil producer

US President Donald Trump told supporters in Dallas late Wednesday that the United States has supplanted all other nations as the world's largest oil producer, excluding Venezuela's massive reserves which Washington recently secured through a controversial energy agreement.

Rally Claims and Pentagon Stakes

Speaking at the Texas rally, Trump described the arrangement involving Venezuela's estimated 65 billion barrels of proven reserves as potentially "the biggest deal in the history of our country." "Now we're the biggest in the world, and that's without Venezuela, which we've just added to our little stockpile," he said, adding that the pact positions Washington atop global energy markets.

The White House confirmed that North American Blue Energy Partners would grant the Pentagon's Office of Strategic Capital a 35% equity stake in its corporate parent at no cost to taxpayers. The State Department would also retain the right to purchase 20% of production at cost, according to the administration's statement.

Century-Long Concessions

NABEP has secured 100-year concessions covering 17 oil fields, the White House said, though Venezuelan interim President Delcy Rodriguez had previously characterized the agreement as a 25-year arrangement. The pact is expected to generate $200 billion in royalties and taxes over its first quarter-century, with funds earmarked for Venezuela's reconstruction and social development, as the administration pursues broader energy dominance while financing stabilization efforts in Caracas.