US Handled $12.26B of Venezuela Oil Revenue: Where It Went
The US State Department says $12.26 billion in Venezuelan oil and mineral revenue flowed through a US Treasury account in 2026 — and 99% is already paid out.
Image: Wikimedia Commons / Gage Skidmore
WASHINGTON, Nov. 12 — The US State Department on Thursday published a 53-page report detailing how more than $12.26 billion in revenue from Venezuelan oil and mineral resources passed through a US-controlled account in the first nine months of 2026, after US forces seized then-President Nicolas Maduro in January.
The report, prepared by the accounting firm KPMG and dated October 29, was transmitted to Congress in early November. It covers flows into and out of US-controlled accounts between January 3 and September 30, 2026.
Key Takeaways
- More than $12.26 billion from Venezuelan oil, gas, gold, minerals and fertiliser passed through a US Treasury account in the first nine months of 2026.
- Some $12.11 billion — nearly 99% — had been disbursed by September 30, leaving about $169 million in the account.
- About $9.4 billion went to legal entities and $2.9 billion to individuals, but the report does not name the final recipients.
- The funds remain the sovereign property of Venezuela, held pending disposition as determined by Secretary of State Marco Rubio.
How Much Venezuelan Oil Revenue Did the US Handle in 2026?
More than $12.1 billion came from oil, petroleum products and natural gas; gold added $108 million, minerals $22 million and fertiliser $24.6 million.
The arrangement dates to the Trump administration's seizure of Maduro in January: buyers deposit payments into a US Treasury account, which releases the money to the interim government in Caracas, led by former Maduro allies working closely with Washington.
| Revenue source | Amount |
|---|---|
| Oil and gas | More than $12.1 billion |
| Gold | $108 million |
| Minerals | $22 million |
| Fertiliser | $24.6 million |
| Total received | More than $12.26 billion |
| Disbursed | $12.11 billion |
| Remaining | $169 million |
Where Did the $12 Billion in Venezuelan Oil Money Go?
Almost all of it has already left the account: $12.11 billion, or nearly 99%, was disbursed by September 30, leaving about $169 million. Roughly $9.4 billion went to legal entities and $2.9 billion to individuals.
The final recipients are not named: the State Department redacted depositors' names from the public version, and the report gives no details about who received the funds inside Venezuela.
The flows reflect a sharp change: before January, sanctions forced Venezuelan oil to be sold at a discount, some of it paid for in debt credits rather than cash. Since January 3, the oil has sold at market rates, with proceeds deposited into the Treasury-controlled account and paid out monthly and biweekly through Treasury licences, Secretary of State Marco Rubio said in October.
Who Decides What Happens to Venezuela's Oil Revenue Next?
The report is explicit that the money still belongs to Venezuela. “The funds remain sovereign property of Venezuela,” it says, but they are “held pending disposition for public, governmental, or diplomatic purposes” as determined by Rubio.
That gives Rubio the deciding say over the remaining balance and future proceeds. The interim government in Caracas receives the disbursements, but the account sits under US control.
The disclosure comes as the administration presses its foreign-policy agenda, including meetings of G7 foreign ministers in Paris. Chevron has expanded its Venezuelan operations under licence, and Exxon is interested in returning, Rubio said.
The State Department contracted KPMG to examine the account's transactions; the report covers flows only through September 30, 2026.
Frequently Asked Questions
How much Venezuelan oil revenue did the United States handle in 2026?
More than $12.26 billion flowed through a US Treasury account between January 3 and September 30, 2026, according to a 53-page State Department report prepared by KPMG. More than $12.1 billion came from oil and gas.
Where did the $12 billion in Venezuelan oil money go?
About $12.11 billion — nearly 99% — had been disbursed by September 30, with roughly $9.4 billion going to legal entities and $2.9 billion to individuals. The report does not name the final recipients, and depositors' names were redacted from the public version.
Who decides what happens to Venezuela's oil revenue?
The funds remain the sovereign property of Venezuela, but they are held in a US-controlled account pending disposition for public, governmental or diplomatic purposes as determined by Secretary of State Marco Rubio. The interim government in Caracas receives the disbursements.
Why is the United States handling Venezuela's oil money?
The arrangement was set up after US forces seized then-President Nicolas Maduro in January. Venezuelan oil is now sold at market rates, with payments deposited into a US Treasury account, replacing a system in which sanctioned oil was sold at deep discounts or exchanged for debt credits.
