Trump and Rubio show off the first million barrels of Venezuelan oil in Texas as Trump floats Venezuela as a 51st state

President Donald Trump announced in Corpus Christi, Texas, the arrival of the first million barrels of oil secured under his administration’s Venezuela oil deal, the White House said¹. “This historic win gives us control over a massive part of the world’s oil supply,” Trump said, according to the White House¹.

Trump and Secretary of State Marco Rubio planned on Tuesday to show off the newly arrived tanker filled with Venezuelan crude^3,4. The tour was expected to spotlight the administration’s efforts to bring down gas prices². Trump said Venezuela had sent him the 1 million barrels as a “gift”⁴.

At a rally in Texas, Trump floated making Venezuela the 51st state^5,6. He called out oil tycoon Harold Hamm in the crowd⁶ and repeated the proposal to the billionaire energy executive, drawing cheers⁷. Venezuela is on a growing list of countries and territories Trump has spoken of acquiring, including Greenland, Canada and Mexico⁵.

Why it matters to investors

The deal is central to the administration’s pitch on fuel costs before the midterms^2,9. Trump used the Texas trip in part to highlight the arrangement made with Venezuela^9,11, while campaigning at rallies that included one for Ken Paxton¹¹.

The agreement is contested⁸. Rubio invoked China and Russia to defend the disputed Venezuela oil deal⁸. The White House’s claims about control of world supply are its own¹, and the reports do not set out the deal’s pricing or volumes beyond the first million barrels^3,5.

Rubio’s role is widening¹⁰. He joined Trump in Texas on Tuesday as Republicans sought him on the stump^2,10, and he has been a leading figure in managing the administration’s Venezuela strategy¹⁰. He briefly appeared on stage with Trump in Texas⁹.

What to watch

The first marker is Venezuela’s politics¹². Rubio said on Monday that Venezuela’s electoral infrastructure was designed to rig elections and must be replaced quickly before a vote¹². The administration is pushing for an election to happen while Trump is still president, though the timeline remains unclear¹³. Rubio’s remarks to reporters were among his clearest calls yet for new Venezuelan elections¹⁴.

The second is supply. Further tankers under the deal would test the White House’s claim that the arrangement gives the US control over a large share of world oil^1,4.

The third is the 51st-state talk, which Trump has repeated^5,6 alongside his other territorial ambitions⁵.