Venezuela's oil revenue: Where is the money?

Venezuela, possessing the world's largest oil reserves, stands at a critical juncture following the downfall of Nicolás Maduro's regime. While the country's oil resources are once again generating billions in revenue, a significant portion is managed outside Venezuela's borders. The core question remains: how can it be ensured that this wealth benefits the Venezuelan people and does not disappear into new, opaque power structures?

Since January, Venezuela's oil exports have reportedly generated more than $13 billion in revenue for the United States. Many Venezuelans are deeply grateful for U.S. support in ending a corrupt and oppressive regime. However, gratitude cannot replace trust. During a July hearing in the U.S. Congress, representatives were asked about the management of Venezuelan state assets, with references made to audits by KPMG and BDO. Yet, a clear commitment to making these audit reports public was absent.

The article draws a stark contrast with Norway, where oil wealth has been managed transparently for decades, benefiting the entire population through open governance and strong institutions. The author questions why the same principles of transparency, responsible accounting, and independent auditing, which the U.S. rightly demanded from the Maduro regime, are not being applied to the management of Venezuelan oil revenues now. The U.S. administration faces the same questions about transparency and accountability that Washington long posed to Caracas.

For Venezuela's potential reconstruction, funding schools, hospitals, power grids, and infrastructure after decades of mismanagement, transparency in managing oil revenues is paramount. Otherwise, the management of these funds could become a source of new suspicions and conflicts. The U.S. has a historic opportunity to contribute to Venezuela's rebuilding, but this requires upholding the very principles of openness and accountability it has advocated for globally. The article concludes that the Venezuelan people must be able to trust that their nation's wealth is being managed responsibly.