The Trump administration collected over $13 billion from Venezuelan oil exports in the early months of 2026, but maintains an almost total veil of secrecy about where the revenues ended up.
After Nicolás Maduro’s capture in January and the installation of Vice President Delcy Rodríguez as leader, Washington took control of crude sales, suspending some sanctions.
What was supposed to be a lifeline for an already struggling economy has turned into a controversial political-financial case.
As highlighted by the Financial Times in a report addressing the case, economists observe a modest recovery of the Venezuelan economy, while in the US both Democrats and Republicans criticize Trump and call for transparency.
The American intervention and the new power structure
As is known, last January the Trump administration conducted a military operation that led to the capture of Venezuelan President Nicolás Maduro and the subsequent installation of Vice President Delcy Rodríguez as the figurehead of the new course.
At the same time, the United States took control of Venezuelan oil exports and eased some of the sanctions that previously hit a vital sector for Caracas’s economy.
Oil sales represent about a quarter of the country’s GDP, and the return to the international market at full prices was supposed to mark a turning point for an economy already battered by years of hardship. Instead, six months later, signs of a real recovery remain lukewarm, raising doubts that not all revenues have actually been transferred to Caracas.
Revenue calculations
Using shipment data from Kpler and price quotes from Argus Media for the Merey, Boscan, and Hamaca grades, the Financial Times estimated revenues of more than $13 billion since January, about $11.5 billion covered by certain prices, the rest estimated based on historical patterns.
The Venezuelan government even created a website to track these funds, but it contains a single entry: a $300 million transfer in March.
Contrasting versions from Washington
American statements about the fate of Caracas’s oil proceeds have appeared contradictory from the start.
The January executive order defined the US role as mere custodian on behalf of the Venezuelan government. Trump, however, openly spoke of an operation from which the United States is “making a lot of money,” claiming to have recovered 28 times the costs of the military intervention in just 48 minutes thanks to oil.
Other officials added different nuances. The Department of Energy spoke of funds to be allocated “for the benefit of the American and Venezuelan people,” while the State Department reported billions already funneled into the Venezuelan economy with monitoring to prevent abuses.
Senior State Department official Michael Kozak explained that it is Venezuelan money, but Caracas must obtain American permission to use it, especially for public salaries and oil equipment.
Bipartisan criticism and calls for transparency
Such opacity has sparked reactions among both Democrats and some Republicans. Democratic Representative Joaquin Castro denounced an operation from the start focused on “oil, power, and corruption,” accusing the administration of keeping Congress in the dark. Florida Republican María Elvira Salazar called for public reports during a hearing.
Meanwhile, some Venezuelan economists like Francisco Rodríguez, José Guerra, and Alejandro Grisanti have highlighted the lack of clear information noting that despite increased production, first-quarter growth was only 2.5%, the lowest in years.
The widespread suspicion is that Washington has not transferred the full amount of revenues.
Disappointed expectations
Many analysts expected a strong economic acceleration thanks to the end of the forced discount on oil sales imposed by previous US sanctions. The Rodríguez government also approved a new resource law to attract investments.
Yet the recovery appears limited. Only in the last two months have signs of increased dollar inflows been recorded, but recent earthquakes that struck the country have further shifted growth prospects.
Rodríguez emphasizes that without the full transfer of oil revenues, it is difficult for Venezuela’s economy to truly accelerate.
Earthquakes and the race for reconstruction funds
The two violent earthquakes on June 24 worsened the situation. The UN estimates damages to buildings and infrastructure at $37 billion.
Delcy Rodríguez has intensified requests for access to blocked resources abroad, including IMF funds and gold held by the Bank of England.
For their part, the United States allocated $386 million in aid and sent hundreds of soldiers, and Chargé d’Affaires John Barrett assured that part of the oil revenues has been made available for reconstruction, without specifying amounts. The issue of fund allocation has become even more urgent.
Suspicions and prospects
The suspicion is that Washington is using control over the funds as a tool of influence over Rodríguez and what remains of the Chavista government. “It’s their money, but they have to have our permission,” Kozak reiterated.
The Treasury Department speaks of cooperation to pay salaries and ensure liquidity. However, the absence of promised quarterly reports and prolonged silence toward Congress inexorably fuel controversy.
Benjamin Gedan, a former official under the Barack Obama administration, predicts that if Democrats win Congress in the November elections, the issue will become a “juicy target” for investigations, subpoenas, and hearings.
