Six months after the U.S. seized control of Venezuela’s oil exports following the military capture of President Nicolás Maduro, the US has generated more than $13 billion in revenues from the country’s crude sales. Where has the money gone? There is little visible economic benefit for Venezuela and limited transparency from Washington.
According to calculations by the Financial Times, the Trump administration has collected the substantial sum this year amid a dramatic shift in control of one of the world’s largest oil reserves.
The US took over marketing and selling Venezuelan oil shortly after Maduro’s ouster in January 2026, suspending some sanctions and promising to help rebuild the country’s dilapidated energy infrastructure.
President Trump had initially stated that the revenues would be “controlled by me,” with an executive order directing that the funds be held in a “custodial and governmental capacity.” Early proceeds were routed through accounts in Qatar for protection from creditors before shifting to US Treasury oversight.
Administration statements on the funds’ use have varied. The Department of Energy has said they would be “disbursed for the benefit of the American people and the Venezuelan people.” US officials have also described leveraging control of the oil money as a tool to influence interim leader Delcy Rodríguez, who was installed after Maduro’s removal.
Some limited disbursements have been reported earlier in the year, including a $300 million payment for payroll, but broader details remain scarce. At a congressional hearing this week, Republican Rep. María Elvira Salazar urged greater transparency, calling for public reports on the funds “because of the importance of transparency over where the money is going.”
Limited Impact in Venezuela
Despite the surge in oil revenues and the lifting of some sanctions, Venezuela’s economy has shown little improvement.
First-quarter GDP growth came in at just 2.5%, the lowest in nearly five years. Venezuelan economist Francisco Rodríguez told the FT that the country :
“likely did not grow more rapidly despite increased oil revenues… because the US didn’t transfer to the Venezuelan government the totality of its increased oil revenues.”
The situation has grown more urgent following devastating earthquakes that struck Venezuela in June, heightening the need for reconstruction funds.
Critics, including some Democrats in Congress, have raised concerns about accountability. One lawmaker described the arrangement as lacking safeguards and keeping Congress “in the dark.”
As production aims ramp up, with goals to significantly boost output in coming years, the Trump administration continues to market Venezuelan crude to US refineries and Europe.
The lack of clear public accounting has fueled speculation and calls for greater disclosure about one of the most unusual US-led oil stewardship arrangements in recent history.
Sources
- Financial Times: The US has collected about $13bn of Venezuela’s oil money. Where is it?
- The London Economic: US has made ‘more than $13bn’ from Venezuelan oil – but no one knows where it’s gone
- Politico: The U.S. couldn’t track billions in Iraq. Now, it’s controlling Venezuela’s oil cash.
- NewsBreak: What Did Trump Do With the Billions He Collected From Venezuelan Oil?