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Markwayne Mullin: “The oil reserves in Venezuela is greater than Saudi Arabia…”

Featuring: Markwayne Mullin, Republican | U.S. Senate, Oklahoma

SEN MULLIN: 'This is what we're doing to make Venezuela investable.' | Squawk Box

Published January 13, 2026 | Video Starts at 01:30

You know, 25 years ago, they were a prime example of democracy and of the wealthy nation. You keep in mind many of your audience. And as you know, Andrew, The oil reserves in Venezuela is greater than Saudi Arabia, but there's been zero investment into it. because Maduro didn't care about the oil because there was more money in drugs. And so he used the money or the oil to launder the other drug cartels money through, plus he shipped it on the black market. (01:30–01:37)

CLAIM

Asserts Venezuela has larger oil reserves than Saudi Arabia but lacks investment.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Markwayne Mullin

“Maduro... being a technically a drug lord and using Venezuela to be able to launder money through and poison our streets.”
SEN MULLIN: 'This is what we're doing to make Venezuela investable.' | Squawk Box | Uploaded January 13, 2026 | 00:47-01:05
“China was receiving roughly 400,000 barrels of oil a day at a much reduced price on the black market.”
SEN MULLIN: 'This is what we're doing to make Venezuela investable.' | Squawk Box | Uploaded January 13, 2026 | 02:02-02:10
“For over the last 25 years, [the U.S.] have paid attention elsewhere and we've allowed our streets to be flooded with drugs.”
SEN MULLIN: 'This is what we're doing to make Venezuela investable.' | Squawk Box | Uploaded January 13, 2026 | 00:31-00:39
“He [the president] has made it very clear that he supports the Iranian people in whatever move they try to move.”
SEN MULLIN: 'This is what we're doing to make Venezuela investable.' | Squawk Box | Uploaded January 13, 2026 | 01:40-10:14
“He [the president] will keep the mass murdering from going on from this murderous regime that's running Iran.”
SEN MULLIN: 'This is what we're doing to make Venezuela investable.' | Squawk Box | Uploaded January 13, 2026 | 01:40-10:22
“If they stabilize, most of these majors, including Exxon, is going to run [to Venezuela].”
SEN MULLIN: 'This is what we're doing to make Venezuela investable.' | Squawk Box | Uploaded January 13, 2026 | 03:03-03:08
“President Trump is going to have U.S. investors back going into Venezuela.”
SEN MULLIN: 'This is what we're doing to make Venezuela investable.' | Squawk Box | Uploaded January 13, 2026 | 03:49-03:55
“Most these oil companies... need to be, to actually be profitable [at] between 60 and $70 a barrel.”
SEN MULLIN: 'This is what we're doing to make Venezuela investable.' | Squawk Box | Uploaded January 13, 2026 | 04:46-04:53
“We can bring down that cost from, like I said, from the low end, about $45 a barrel.”
SEN MULLIN: 'This is what we're doing to make Venezuela investable.' | Squawk Box | Uploaded January 13, 2026 | 05:40-05:46
“We didn't invade Venezuela. We removed an indicted dictator that was ruining the country and it was a drug lord.”
SEN MULLIN: 'This is what we're doing to make Venezuela investable.' | Squawk Box | Uploaded January 13, 2026 | 06:18-06:25
“The Federal Reserve needs, has more transparency with Congress to begin with.”
SEN MULLIN: 'This is what we're doing to make Venezuela investable.' | Squawk Box | Uploaded January 13, 2026 | 08:50-08:55
“The president doesn't bluff. His timing is on his timing. When he decides to move, he will move.”
SEN MULLIN: 'This is what we're doing to make Venezuela investable.' | Squawk Box | Uploaded January 13, 2026 | 09:59-10:06