US publishes $12bn Venezuela oil revenue account, citing transparency

The US Department of State released a 53-page report on Thursday detailing more than $12 billion in revenue received from Venezuelan oil and mineral resources since the Trump administration's January raid on Caracas that captured President Nicolás Maduro and his wife and brought them to New York City, where they face charges related to drug trafficking and torture.

The report covers transactions into and out of US-controlled accounts between January 3 and September 30, 2026. The State Department has contracted Washington DC-based auditing firm KPMG to examine the transactions.

According to the report, the US took in more than $12.26 billion from "verified and approved entities engaging in authorised activities" in Venezuela during that period. Approximately 99% of those funds were related to crude oil and petroleum purchases, with smaller amounts from gold, minerals and fertilisers. The funds flowed in from about 20 depositors, whose identities are redacted in the report.

More than $12 billion has been disbursed as of September 30, leaving approximately $169 million remaining in the account. Nearly all disbursed funds were distributed to a set of Venezuelan banks for use in foreign exchange interventions — selling dollars to reduce the amount of local currency in circulation and support the value of the Venezuelan bolivar. Of the total distributed, approximately $9.4 billion went to "legal entities" and $2.9 billion to "individuals".

An initial account was set up at Qatar National Bank in January, with roughly $500 million deposited and almost all of it distributed back to Venezuelan entities by late January. A separate US Treasury-controlled account was then established to handle subsequent transactions and has since taken in the bulk of the more than $12 billion figure.

The disclosure is described in the report as an effort to "promote transparency and accountability in the management of these funds". Venezuelan rights activists have expressed concern that Washington may prioritise oil revenues over backing democratic reforms following Maduro's removal. Venezuela's then-vice president Delcy Rodriguez assumed power after Maduro's capture.