Venezuela oil funds managed by U.S. Treasury, ex-Pdvsa chief claims

Former Petróleos de Venezuela (Pdvsa) president Rafael Ramírez has raised concerns about the opaque management of Venezuela's oil export revenues. He reported that in the first half of 2026, Venezuela exported 187.1 million barrels of crude, generating approximately $14.3 billion.

Ramírez highlighted that these sales were exclusively handled by private U.S. companies operating under Office of Foreign Assets Control (OFAC) licenses. He asserted that Pdvsa is no longer involved in these export operations, describing the situation as a "tutelaged government."

According to Ramírez's data, compiled from public company information and other sources due to a lack of official government figures, Chevron, Vitol, and Trafigura accounted for 77% of the exports. The remaining 23% was managed by other OFAC-authorized operators. The primary grade sold was Merey 16 crude, fetching an average of $92 per barrel.

Ramírez criticized the absolute lack of transparency surrounding the $14.3 billion in revenue. He stated that no one knows the destination of these funds, which he claims are managed from the United States through a Treasury account in New York. He also noted a significant shift in export destinations, with 65% going to the U.S., 23% to Asia (mainly India), 10% to Europe, and 2% to the Caribbean and Central America. Notably, exports to China dropped to zero in April 2026, and shipments to Cuba ceased.