US collected over $13 billion from Venezuelan oil, but funds' destination unclear

The U.S. administration has generated more than $13 billion in revenue from Venezuelan oil sales this year, according to Financial Times calculations. However, details regarding the allocation and use of these funds are scarce, sparking concern among U.S. lawmakers.

Following the U.S. recognition of an interim government in January, Washington assumed control over Venezuela's oil exports and relaxed certain sanctions. These oil revenues constitute approximately a quarter of Venezuela's GDP. The easing of sanctions was intended to provide a significant boost to the nation's economy, which was already in crisis before recent devastating earthquakes.

Despite the U.S. control over these assets, economists observe that evidence of Venezuela's economic recovery remains modest. This has led to speculation that Washington may not have returned all revenues to Caracas. The U.S. administration has offered varying explanations, with President Donald Trump stating the U.S. is "making a lot of money" from Venezuelan oil, while executive orders describe the U.S. role as custodial.

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Trump's invasion of Venezuela from the outset was about oil, power, and corruption, with billions of dollars in Venezuelan oil revenues being managed by the Trump administration without transparency or safeguards

Lawmakers from both parties are now pressing the administration for transparency regarding the funds' whereabouts and measures to prevent corruption in their distribution. "Trump's invasion of Venezuela from the outset was about oil, power, and corruption, with billions of dollars in Venezuelan oil revenues being managed by the Trump administration without transparency or safeguards," stated Joaquin Castro, a prominent Democratic member of Congress, adding that Congress is "left in the dark."

The Financial Times estimated potential oil revenues using data on crude oil shipments from Venezuela since January. While the value of barrels with direct price estimates since January is around $11.5 billion, historical price patterns suggest the total amount exceeds $13 billion. A Venezuelan government website tracking oil revenue managed by the U.S. shows only one entry: a $300 million transfer in March. Republican Congresswoman Maria Elvira Salazar has called for public reports on these funds, emphasizing the importance of transparency.

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left in the dark