Key takeaways
- The US managed more than $12 billion in Venezuelan oil and natural resource sales during the first nine months of 2026
- Approximately $12.11 billion was distributed to Venezuela
- The arrangement faced scrutiny over undisclosed oil buyers
The United States collected more than $12 billion from Venezuelan oil and natural resource sales during the first nine months of 2026. This is according to a report released by the State Department on Thursday, Nov. 12.
The Trump administration subsequently returned almost 99% of the money to Venezuela, although Washington kept control over how the funds were distributed.
The report was prepared by accounting firm KPMG, and provided the most detailed public account yet of the financial arrangement that was established after US forces captured Venezuelan President Nicolás Maduro in January.
(Source: state.gov)
US Managed $12.26 Billion in Venezuelan Resource Revenue
According to the report, approximately $12.26 billion flowed into US-controlled accounts between Jan. 3 and Sept. 30, 2026. More than $12.1 billion came from oil, petroleum products and natural gas. Additional revenue included $108 million from gold, $22 million from minerals and $24.6 million from fertilizer sales.
Under an agreement with Venezuela's interim government, international buyers deposited payments into accounts managed by the US Treasury Department.
Venezuelan authorities then requested authorization to access those funds for government operations, infrastructure projects and other approved expenses. By Sept. 30, approximately $12.11 billion was distributed, which left $168.6 million in US custody.
Where Did the $12 Billion Go?
Most of the revenue was distributed through foreign exchange transactions involving Venezuelan commercial banks. Funds will support economic stability and domestic businesses. Another $133 million went directly toward services and supplies for the Venezuelan government.
Approved expenditures included $5 million for Miami-based law firm Greenberg Traurig, close to $24 million for dialysis and coal-mining equipment, and $8.7 million to settle outstanding vaccine procurement debts.
Although the funds legally belonged to Venezuela, US Secretary of State Marco Rubio maintained authority over their release.
US Secretary of State Marco Rubio
The State Department defended the arrangement by arguing that it supported essential public services, economic stability and the reconstruction of critical sectors.
Oil Revenue Deal Raises Transparency Questions
The report also raised questions about the companies involved in Venezuelan oil sales.
The publicly released document concealed the identities of approximately 20 buyers. However, the New York Times reported that commodity trading giants Trafigura and Vitol accounted for much of the revenue. Reuters reported that a Vitol trader's connections to Vice President JD Vance helped the company get authorization to trade Venezuelan oil.
While the administration holds firm that the financial controls help prevent corruption and support economic recovery, there are still some questions about the ultimate beneficiaries of the transactions.
