State Department Discloses $12.26 Billion in Venezuelan Oil Revenue Managed by US Treasury

Key points

• The report covers financial flows from January 3 to September 30, 2026, showing $12.26 billion in deposits from authorized entities.
• Approximately 99% of the revenue came from crude oil and petroleum, with smaller shares from gold, minerals, and fertilizers.
• The US Treasury disbursed 98% of the funds, leaving $168.56 million in the account for future authorized disbursements.
• KPMG was hired to audit the expenditures, addressing concerns from Democratic senators about transparency in the management of the funds.
• The report notes that $9.4 billion was distributed to legal entities and $2.9 billion to individuals, though specific recipient identities are redacted.

Background

Following the January 2026 capture of Venezuelan President Nicolás Maduro by US forces, Vice President Delcy Rodriguez assumed power and agreed to US control over natural resource exports. Trump issued an executive order establishing special bank accounts to hold revenue, initially using a Qatar National Bank account before transitioning to a US Treasury-controlled account. Democratic senators had criticized the lack of transparency regarding these funds, prompting the State Department to commission a KPMG audit.

How outlets are covering it

The Washington Post emphasizes the report as the first substantial explanation of money flows, highlighting the 98% disbursement rate and the role of foreign exchange interventions. Al Jazeera focuses on the broader political context, noting Trump's use of Venezuelan oil revenue in midterm campaign rhetoric and concerns from rights activists about the prioritization of oil over democratic reforms. Both sources agree on the total revenue figure and the KPMG audit, but Al Jazeera provides more detail on the initial Qatar bank account and the redaction of recipient identities.

Why it matters

The disclosure addresses transparency concerns regarding US control of Venezuelan resources and provides insight into how the funds were used to stabilize the Venezuelan economy. It also highlights the ongoing political tensions between the US administration and critics over the management of foreign assets and the balance between economic control and democratic support.

What to watch

The US government will likely continue to manage the remaining $168.56 million in the Treasury account for future disbursements. Further scrutiny may arise from Democratic senators and rights activists regarding the long-term impact of US control on Venezuelan democratic reforms and the distribution of funds to individuals and legal entities.