Since the U.S. began controlling Venezuela's oil exports following the January 3 military intervention, estimates of the revenues generated have varied significantly. Bloomberg data, combined with reports on discounted Venezuelan crude, suggests the value of U.S.-controlled oil exports increased from $600 million in January to approximately $3.7 billion in April. Over the first four months, roughly 100 million barrels of oil, valued at an estimated $8 billion, flowed through this U.S.-controlled process. The primary recipients of this oil have been the United States (43%), India (26%), and Spain (8%).
The Trump administration has faced scrutiny for the lack of transparency regarding the total amount of Venezuelan oil sold, the revenue collected, and how these funds have been utilized. While the administration has presented its control as beneficial to both countries, it has not publicly disclosed precise figures. Venezuela's state-owned oil company, PDVSA, has not published revenue figures since 2016, and the oversight structure within the U.S. administration for these funds remains unclear. Initially, President Trump stated he would control the revenue, but Executive Order 14373 indicates the Secretary of State will instruct the Treasury Department on disbursements from Foreign Government Deposit Funds.
Some details have emerged regarding the handling of specific funds. Secretary of State Marco Rubio testified that $300 million had been disbursed to Venezuela through a "short-term" account in Qatar, with another $200 million still remaining in that account. He indicated a retroactive audit would be conducted. However, Secretary of Energy Chris Wright later stated that the full $500 million had been transferred to Venezuela and that future transactions would use U.S. Treasury accounts. A State Department witness in April confirmed the authorization of about $3 billion for disbursement to Venezuela but did not know the remaining balance in U.S. Treasury accounts. The U.S. officially confirmed in February the return of all $500 million from the initial oil sale to Venezuela, intended for the benefit of the Venezuelan people at the U.S. government's discretion.
The U.S. has expressed its intent to control Venezuela's oil sales and revenue indefinitely to drive political change and stabilize the economy. These revenues are also intended to compensate oil majors like Exxon Mobil and ConocoPhillips for assets nationalized years ago. While the U.S. emphasizes that it controls the dispersal of funds held in U.S. Treasury accounts, not the money itself which belongs to Venezuela, concerns about accountability and the absence of a complete public accounting persist.
