US Controls Venezuelan Oil Revenue, Billions Unaccounted For

The United States has seized control of Venezuela's oil resources following the removal of President Nicolás Maduro, but a significant portion of the revenue is unaccounted for. While the US military operation in January led to Maduro's removal and the installation of Delcy Rodríguez as acting president, the financial flow of oil income has become opaque.

International brokerage firms Vitol and Trafigura now manage the sale of Venezuelan crude. Funds are channeled through US-controlled accounts before any transfers are made to the Venezuelan state. New legislation has also eased restrictions, allowing oil companies, including Chevron and others, to operate with greater profit potential. This economic arrangement appears to be the primary focus of US policy, aiming to boost oil production and benefit American companies.

Estimates vary, with the Financial Times suggesting the US has collected $13 billion in oil revenue this year, while a US official told The New Yorker that $6 billion has been returned to Venezuela. Professor Benedicte Bull of the University of Oslo notes that the whereabouts of the remaining $7 billion are largely unknown, with a recent congressional hearing offering no clear answers. "It seems like daylight robbery, but it has also meant that much more 'hard cash' has come into Venezuela in the last six months than before," Bull told E24.

Economist Fransisco Rodríguez suggests that payments to partner companies might explain part of the discrepancy, but this would only account for a fraction, as these partners hold less than 40 percent ownership. Meanwhile, Venezuela faces further challenges after a recent earthquake, complicating efforts for recovery. US Secretary of State Marco Rubio stated the US is committed to contributing up to $180 million and assisting with global financing efforts.

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It seems like daylight robbery, but it has also meant that much more 'hard cash' has come into Venezuela in the last six months than before.