The Trump administration has collected more than $13 billion in revenues from Venezuelan oil sales this year, according to calculations by the Financial Times, but has provided scarce information about the whereabouts or utilization of this money. The US gained control of Venezuela's oil exports and eased some sanctions after capturing President Nicolás Maduro in January and installing Vice-President Delcy Rodríguez as the new leader. This figure is based on data concerning crude oil shipments since January and price estimates for various grades of Venezuelan crude, although the actual value could be higher.
Washington has offered conflicting explanations for the use of these funds. Statements have ranged from describing the US role as "custodial" to President Trump asserting that the US was "making a lot of money." While a senior State Department official, Michael Kozak, mentioned in April that approximately $3 billion in oil revenues had been sent to Venezuela and that KPMG was auditing bank accounts, promised quarterly reports have not been provided to Democrats on the Foreign Affairs Committee. Venezuelan economist José Guerra highlighted the lack of transparency, stating, "Where is the money? There is no transparency and the US government does not inform us."
Despite increased oil revenues, Venezuela's economic recovery has been modest, with a first-quarter growth rate of 2.5%, the lowest in nearly five years, according to economist Francisco Rodríguez. This muted recovery suggests that the US has not transferred the full amount of increased oil revenues back to Caracas. The situation has become more urgent following two devastating earthquakes on June 24, with the UN estimating $37 billion in damage. US lawmakers from both parties are now pressing the administration for transparency and accountability regarding the allocation of these funds and to prevent corruption.
While the original executive order in January stated that the funds would be held in US government accounts in a "custodial and governmental capacity" for the Venezuelan government, various officials have given different accounts. President Trump initially declared that the revenues "will be controlled by me." More recently, the US Department of Energy stated the funds "will be disbursed for the benefit of the American people and the Venezuelan people." Joaquin Castro, a Democratic member of Congress, criticized the lack of transparency, citing "billions of dollars in Venezuelan oil revenue being controlled by the Trump administration without transparency or safeguards."
The US has collected around $13 billion from Venezuelan oil sales, but estimates have varied, with some reports suggesting figures could be higher, like $19 billion. The State Department claims that "billions of dollars have been disbursed to the Venezuelan economy" and that financial monitoring is ongoing to ensure the funds benefit the Venezuelan people. However, concerns remain about the lack of specific details and public accounting of how much money has been spent, the remaining balance, and what safeguards are in place to prevent corruption and money laundering, particularly given the humanitarian crisis in Venezuela after the recent earthquakes.
