$13 Billion in Venezuelan Oil Sales Under Trump Administration
Since January 3, the U.S. government has generated over $13 billion from sales of Venezuela’s oil following former President Nicolás Maduro's capture and the subsequent seizure of the country’s oil assets by the Trump administration. The revenue is reportedly used to fund general operations of the federal government, with discussions about allocating future proceeds toward military spending pending congressional approval. The funds were initially held in a Qatari offshore account but are now managed through Citibank under U.S. Treasury oversight. Despite claims that $3 billion has been disbursed for salaries and oil infrastructure, critics highlight only $386 million was allocated to disaster relief amid recent earthquakes. KPMG is conducting continuous audits of the accounts at the request of Congress. Venezuela’s oil production has surged from 820,000 barrels per day in January to over a million by June as international refiners like Phillips 66 and Valero Energy have begun direct crude purchases. The Trump administration's 2026 Hydrocarbons Law is credited with boosting output through privatization incentives.
Topics: oil sales Treasury accounts U.S. foreign policy Venezuela