The United States is seeking to strengthen its position in the global energy market, with Vice President JD Vance highlighting a major development involving Venezuela’s vast petroleum resources. Describing the arrangement as the biggest oil deal in world history, Vance credited President Donald Trump’s administration with securing majority control of more than 65 billion barrels of Venezuela’s proven oil reserves.
In a statement shared on social media platform X on Monday, November 9, Vance presented the development as a major achievement of the administration’s energy policy. He also highlighted increased domestic oil and natural gas production, expanded access to energy resources and the country’s growing role in international fuel markets.
Vance said the administration had opened hundreds of millions of acres for oil, gas and coal exploration and production. He also pointed to the revival of the American coal industry as part of a wider strategy to strengthen domestic energy supplies and reduce dependence on external sources.
A significant part of his announcement focused on the United States’ growing liquefied natural gas (LNG) export capacity. According to Vance, the country exported more than 100 million metric tonnes of LNG in 2025, becoming the first nation to cross that annual threshold. He further stated that American LNG exports increased by 23 per cent during the first half of 2026, reaching 17.4 billion cubic feet per day.
The Vice President also highlighted the country’s crude oil production performance. He stated that the United States recorded its highest domestic oil and gas production levels in 2025 and was on course to achieve another annual crude oil production record in 2026. American crude output is projected to average approximately 13.8 million barrels per day, according to his remarks.
Venezuela remains central to the latest energy developments because of its exceptionally large proven petroleum reserves. Greater American involvement in the country’s oil sector could provide US companies with opportunities to secure supplies and expand production, while strengthening Washington’s influence over international energy trade.
Recent import figures provide further evidence of the changing relationship between the two countries. Data published by the US Energy Information Administration (EIA) shows that American crude oil imports from Venezuela averaged 701,000 barrels per day in July 2026. This represented the highest monthly level since May 2017. Imports subsequently declined to 655,000 barrels per day in August.
The EIA attributed the increase to strong demand from American refineries, favourable refining margins and the easing of restrictions on Venezuelan oil purchases. Several refineries along the US Gulf Coast are specifically equipped to process heavy crude grades produced in Venezuela, making these supplies commercially important.
However, Vance’s description of the arrangement requires careful interpretation. A claim of majority control over oil reserves does not necessarily mean that the United States owns Venezuela’s underground petroleum resources. Questions surrounding the legal framework, investment arrangements and actual operational control remain important. Reuters previously reported in August 2026 that Washington was pursuing negotiations for long-term access to selected Venezuelan oil reserves.
The latest announcement nevertheless highlights how energy resources are becoming an increasingly important instrument of American economic and geopolitical strategy. Greater access to Venezuelan crude, combined with expanding domestic production and LNG exports, could strengthen the United States’ position among the world’s leading energy suppliers. The practical impact will depend on how the arrangements are implemented and whether the anticipated investment translates into sustained increases in oil production.
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