The United States has collected over $13 billion in revenues from Venezuelan oil sales since January, according to calculations based on shipment and pricing data. However, officials have provided limited information on how these funds have been managed or disbursed, prompting scrutiny from lawmakers and analysts amid Venezuela’s ongoing economic challenges.
The funds relate to Venezuelan oil exports controlled by the US following a January operation that resulted in the capture of then-President Nicolás Maduro. After seizing control, the US eased some sanctions on Venezuela’s oil sector with the stated goal of stimulating the country’s struggling economy, in which oil revenues typically account for about a quarter of gross domestic product. Despite this, signs of economic recovery remain muted, raising questions about how much of the revenue is actually reaching Venezuelan institutions and citizens.
Estimates compiled by independent analysts used shipping data and pricing benchmarks to calculate the total revenue. Valued shipments with direct price estimates accounted for approximately $11.5 billion, while extrapolations for unpriced cargo likely raise the total over $13 billion. Venezuela’s government has attempted to track these proceeds through a dedicated website, but it has reported only a single transfer of $300 million in March, providing little transparency on the full flow of funds.
US officials have offered differing characterizations of their role. Some describe the management of the revenue as “custodial,” emphasizing oversight functions, while former President Donald Trump stated that the US was “making a lot of money” from the oil sales. Trump also asserted in June that the US had recovered the cost of its intervention in Venezuela multiple times through oil revenues, claiming the operation “brought millions of barrels of oil out.”
In response to inquiries from lawmakers, the State Department confirmed that “billions of dollars” have been contributed to Venezuela’s economy and that financial monitoring efforts are in place to ensure the funds benefit the Venezuelan people. Nonetheless, some members of Congress, including Democrat Joaquin Castro, criticized the Trump administration’s handling of the revenues, alleging a lack of transparency and oversight, and suggesting the process has been tainted by political and financial motivations.
The issue has gained increased urgency following two earthquakes that struck Venezuela on June 24, intensifying the need for effective economic support. As pressure mounts, calls for clarity on the fate of these oil revenues and their impact on the Venezuelan population continue to grow.