Trump: US, Venezuela hold 68% of world’s oil

US President Donald Trump said the United States and Venezuela together hold 68 per cent of the world’s oil, speaking at the National Prayer Breakfast in Washington on the morning of February 5.

During his remarks, Trump claimed that around 50 million barrels of oil were currently being shipped to Houston, adding that cooperation with Venezuela was at an unprecedented level. He described the relationship as mutually beneficial, saying Venezuela had been facing serious economic difficulties despite possessing vast oil reserves, Caliber.Az reports.

“[...] They were in big trouble economically, and yet they have more oil than any other country in the world. I think, except us,” the US president said. "And by the way, us and them we have 68 per cent of the world’s oil."

The National Prayer Breakfast is an annual event traditionally attended by sitting US presidents. This marked Trump’s sixth appearance delivering remarks at the gathering.

Venezuela has the largest proven oil reserves in the world, estimated at 303 billion barrels, more than five times larger than those of the US.

By Sabina Mammadli