US Managed More Than $12 Billion in Venezuela’s Oil Revenues
The United States handled more than $12 billion in Venezuela’s oil and natural resource revenues during the first nine months of 2026. The figure comes from a KPMG report released by the US State Department.
The arrangement followed the January operation in which the Trump administration seized former Venezuelan President Nicolás Maduro and his wife. It directed buyers to deposit payments into a US Treasury account. Washington then authorized the distribution of those funds to support Venezuela’s interim government and other recipients.
KPMG prepared the report on October 29. The State Department sent it to Congress in early November. It details how US authorities managed the proceeds from Venezuela’s natural resource sales.
Oil, petroleum products, and natural gas generated more than $12.1 billion. Other resources also contributed to the account. Gold sales generated $108 million, minerals added $22 million, and fertilizer brought in $24.6 million.
The report found that nearly 99% of all deposits had left the account. Disbursements totaled approximately $12.11 billion.
How the US Managed Venezuela’s $12 Billion in Oil Revenues
Under the arrangement, buyers of Venezuelan oil and other natural resources deposited payments into a US Treasury account.
The funds remain Venezuelan sovereign property. However, US authorities control their release. Secretary of State Marco Rubio determines whether the money can support public, governmental, or diplomatic purposes.
The KPMG report identifies two main channels for distributing the funds. Most went through foreign exchange auctions administered by Venezuelan authorities. Another $133 million went directly to vendors that provided services to the Venezuelan government.
This system gives Washington significant oversight over Venezuela’s oil revenues. US officials authorize the release of funds generated by the country’s natural resources.
A State Department official defended the arrangement. The official said it supports essential public services, economic stability, and the recovery of key industries.
These sectors include energy, healthcare, and infrastructure. The official also described the system as effective during its first nine months.
Marco Rubio Oversees the Release of Venezuelan Oil Funds
US Secretary of State Marco Rubio plays a central role in determining how authorities distribute the revenues.
The KPMG report states that the funds remain in the account until Rubio authorizes their use. He can approve disbursements for public, governmental, or diplomatic purposes.
This arrangement gives the Trump administration substantial oversight over Venezuela’s natural resource revenues. It also places Rubio at the center of decisions involving billions of dollars in oil proceeds.
The system emerged following the January political transition. Since then, Washington has played a direct role in managing payments from Venezuelan oil exports.
Trafigura and Vitol Reportedly Accounted for Most Oil Payments
The public version of the KPMG report does not identify the companies that deposited money into the US Treasury account. The State Department redacted their names before releasing the document.
However, The New York Times reported that commodity trading firms Trafigura and Vitol supplied most of the funds.
Both companies reportedly received special licenses shortly after the January 3 operation. Those authorizations allowed them to participate in Venezuelan oil sales.
Their involvement highlights the importance of international commodity traders in Venezuela’s oil exports. These companies help connect the country’s petroleum industry with international markets.
The available report does not identify every depositor. It also does not provide a complete breakdown of individual transactions.
What the $12 Billion Report Means for Venezuela’s Oil Industry
The KPMG report provides new details about Washington’s financial oversight of Venezuela’s natural resources.
The $12.11 billion in disbursements highlights the scale of the arrangement. Most of the money flowed through foreign exchange auctions rather than direct government payments.
Oil remains a major source of foreign currency and government revenue for Venezuela. Control over these proceeds therefore has important implications for the country’s economy.
The arrangement also gives Washington a significant role in Venezuela’s financial operations. US officials determine how authorities can release billions of dollars generated by oil exports and other natural resources.
However, the report leaves several questions unanswered. The public document does not identify all depositors or the final recipients of auction-related funds.
Nevertheless, its findings reveal the scale of US involvement in managing Venezuela’s oil revenues. They also highlight Marco Rubio’s role in overseeing the distribution of those resources.
