US State Department reports $12.26 billion in Venezuelan oil revenue held in US-controlled account

Revenue flows and the report's scope

The US State Department published a 53-page report on 12 November covering revenue from Venezuelan crude, gold, minerals and fertilizer. It covers 3 January to 30 September 2026, a period in which the US received $12.26 billion from entities it had verified and approved for authorized activities. The State Department contracted the audit firm KPMG to examine the transactions. Crude oil and petroleum-based products supplied most of the money, with smaller deposits tied to gold, minerals and fertilizer deals. The report is dated 29 October, and a US diplomatic official said it reached Congress in early November, a few days before the midterm elections.

Received12,260

Disbursed12,110

In custody at 30 Sep168.56

Received

12260 USD million

Disbursed

12110 USD million

In custody at 30 Sep

168.56 USD million

Data from the article text

Disbursements and the balance in custody

By 30 September, $12.11 billion, or 98.7%, had been paid out, while $168.56 million stayed in custody for future authorized payments. Bloomberg also put the disbursed total at $12.1 billion and said the account received about $12.3 billion from 20 approved depositors. Most of the outflow reached individuals and businesses in Venezuela through foreign-exchange transactions with commercial banks, a channel that accounted for about $11.41 billion. Some $133 million went directly toward services or supplies the Venezuelan government needed, according to the report. Approved transactions included $5 million for the Miami-based firm Greenberg Traurig, close to $24 million for dialysis and coal-mining gear, and $8.7 million to settle vaccine-procurement debts with the Pan American Health Organization. Of the disbursed amount, food and consumer products took 35.75%, administrative services 23%, agriculture 12.5% and public health and medicines 5.68%.

Food and consumer products35.75%

Administrative services23%

Agriculture12.5%

Public health and medicines5.68%

Food and consumer products

35.75 %

Administrative services

23 %

Agriculture

12.5 %

Public health and medicines

5.68 %

Data from the article text

The Qatar account and the move to US control

ABC reports that the first sales were settled in Qatar because Venezuela had oil stored after Maduro's capture and risked shutting wells without an outlet. A temporary Banco Central de Venezuela account at Qatar National Bank received $500 million, and $300 million left it on 15 January. Mercantil, BBVA Provincial, Banesco and Banco Nacional de Credito each received $75 million from it. Marco Rubio told the Senate on 28 January that Washington wanted to stop Venezuela's creditors from seizing the money before Caracas could use it, according to ABC. Trump had signed an executive order on 9 January shielding Venezuelan revenue held in Treasury custody from seizure, and the money remained Venezuela's property. After criticism of the Qatari arrangement, the operation moved to the United States later in January, and the report records no payment to the Qatari government.

Oversight and open questions

AP reports that the report redacts the names of 20 companies that bought oil and gold in the first nine months of 2026, yet each went through US vetting for sanctions and money-laundering compliance. AP describes this as a clear departure from earlier years, when Venezuela's government faced little scrutiny over its oil funds. Al Jazeera reports that Venezuelan rights activists worry Washington may give oil revenue outsized importance while paying little attention to democratic reforms. Trump promoted the revenue figures during midterm campaigning, according to Al Jazeera. Maduro and his wife are in New York facing charges that include drug trafficking. The report says the disclosure aims to promote transparency and accountability in how these funds are managed.

What remains open

The $168.56 million left in custody on 30 September is reserved for future disbursements that the US authorizes. Delcy Rodriguez, Venezuela's then vice president, took over after Maduro's removal and now governs as interim president under pressure from Washington, according to 7sur7. In August, Washington and Caracas announced that the US would take control of oil fields with an estimated production potential of 65 billion barrels, 7sur7 reports.