×

US handled $12 billion of Venezuela’s oil revenues, report says

By Thomson Reuters Nov 12, 2026 | 2:45 PM

By Simon Lewis

WASHINGTON, Nov 12 (Reuters) – The United States handled more than $12 billion of Venezuela’s oil revenues in the first nine months of this year, according to a report made public by the State ​Department on Thursday, in an arrangement established after President Donald Trump’s administration ‌seized then-President Nicolas Maduro in January.

The report, prepared by the accounting firm KPMG, sets out how funds were deposited into a US Treasury account by buyers of Venezuelan oil, as well as other natural resources, and released to the interim government led by former allies ‌of ​Maduro that now works closely with Washington.

The report, dated ⁠October 29, was transmitted to ⁠Congress in early November, a State Department official said in a statement to media. Details of the report were first reported by the New York Times on Tuesday.

“The report shows the process is working,” the official said, ​in comments issued anonymously. “In its first nine months, the account has supported the use of Venezuela’s oil and other natural resource revenues for essential public ⁠services, macroeconomic stability, and the rebuilding of key ⁠sectors such as energy, healthcare, and infrastructure.”

The vast majority of ​the funds received in the account — more than $12.1 billion — were from the sale ​of oil, other petroleum-based products and natural gas, the report said. ‌Smaller sums came from sales of gold ($108 million), minerals ($22 million) and fertilizer ($24.6 million), the report said.

“The funds remain sovereign property of Venezuela” but are “held pending disposition for public, governmental, or diplomatic purposes” as determined by US Secretary of State Marco ⁠Rubio, the report said.

It said that $12.11 billion, or nearly 99% of the total deposited in the account, was disbursed. Most went to foreign exchange auctions run by ⁠Venezuelan authorities, while $133 million went ‌directly to vendors for services provided to the Venezuelan ⁠government.

The State Department redacted the names of the depositors ​in the ‌publicly released version of the report, but the New ​York Times ⁠reported that the majority came from commodity giants Trafigura and Vitol, which were awarded special licenses to sell Venezuela’s oil shortly after the January 3 operation to seize Maduro and his wife.

Reuters reported on Wednesday that a Vitol gasoline trader’s ties to Vice President JD Vance helped the company secure that license.

(Reporting by Simon Lewis; ​Editing by Nia Williams)