US reportedly raised over $13 billion from Venezuelan oil, but fund destination unknown

The United States may have generated more than $13 billion from the sale of Venezuelan oil this year, according to estimates by the Financial Times. However, the ultimate destination of these funds and the amount transferred to Venezuela's interim government remain unknown, fueling suspicions about financial mismanagement.

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The United States assumed control of Venezuela's oil exports after the capture of Nicolás Maduro, on January 3.

Following the U.S. seizure of Venezuela's oil exports after Nicolás Maduro's capture on January 3rd, Washington assumed control of the oil revenue. Six months later, economists observe few signs of economic recovery in Venezuela, despite the significant funds potentially managed by the U.S. administration. Conflicting statements from U.S. officials have added to the opacity. An executive order describes the U.S. role as "custodial," while President Trump has stated that the U.S. was "making a lot of money" from these sales.

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The U.S. administration has offered contradictory explanations about the management of the money.

This lack of transparency has prompted pressure within the U.S. Congress. Both Republican and Democratic lawmakers are demanding detailed explanations from the administration about how these resources are being managed and what controls are in place to prevent corruption during their distribution. Democratic legislator Joaquín Castro told the Financial Times that the situation reflects growing concerns about the absence of public mechanisms to track the administration of Venezuelan oil revenues.

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The invasion of Venezuela by Trump has revolved around oil, power, and corruption from the beginning, with billions of dollars in Venezuelan oil revenues controlled by the Trump administration without transparency or safeguards.

The Financial Times calculated the revenue based on data from Kpler regarding oil shipments from Venezuela since January, using price data from energy market specialist Argus Media. While the analysis included various Venezuelan crude types, it did not cover all exported crudes. The initial calculation for January shipments alone amounted to approximately $11.5 billion, with estimates suggesting the total could exceed $13 billion when accounting for unpriced barrels based on historical market trends. This figure starkly contrasts with the limited information disclosed about any transfers made back to Venezuela.

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The Financial Times estimated the revenues using data from Kpler on oil shipments sent from Venezuela starting in January.