U.S. authorities have collected over $13 billion from Venezuelan oil sales since early 2026—but the exact whereabouts of those funds, how much has been returned to Caracas, and the criteria guiding their management remain unclear.
A Lack of Transparency
An investigation by the Financial Times reveals that the Donald Trump administration has provided minimal public information about the fate of these revenues. The U.S. assumed control of Venezuela’s oil exports following the January arrest of Nicolás Maduro and the assumption of the presidency by former Vice President Delcy Rodríguez.
Urgency Amid Crisis
The issue has taken on added urgency after the devastating and deadly earthquakes that struck Venezuela on June 24. According to the United Nations, damage to buildings and infrastructure is estimated at $37 billion—compounding an economy already in deep crisis.
How the $13 Billion Figure Was Calculated
To estimate oil export revenue, the FT used shipping data from Kpler for crude oil cargoes departing Venezuela since January, combined with pricing data from Argus Media for key Venezuelan crude grades. For shipments with available data, the value totals approximately $11.5 billion. Accounting for cargoes with incomplete or missing data, the FT estimates total revenues exceed $13 billion.
One Recorded Transfer
Although Venezuela’s government launched a dedicated website to track oil revenues managed by the U.S., only one transaction appears listed: a $300 million transfer last March.
“Their Money, With U.S. Permission”
In April, Michael Kozak, a senior State Department official, told Congress that around $3 billion had been sent to Venezuela and that auditing firm KPMG was reviewing related bank accounts. He emphasized that the funds belong to Venezuela—but that Caracas requires U.S. approval to access or spend them.
Kozak explained that disbursements have supported public-sector salaries and purchases of equipment for Venezuela’s oil industry. The State Department maintains that billions have flowed into the Venezuelan economy and that oversight continues—but it has not released a detailed account of revenues, account balances, or individual disbursements.