US Handled $12.26 Billion in Venezuelan Oil Revenue in 2026, State Department Report Reveals
The United States handled $12.26 billion in Venezuelan oil and mineral revenue during the first nine months of 2026 and returned nearly all of it to the country’s interim government, according to a State Department report made public on Thursday.
The report, prepared by the accounting firm KPMG, offers the fullest accounting yet of how Washington has managed Venezuela’s energy income since U.S. forces seized then-President Nicolas Maduro in January. It says the money was deposited into a U.S. Treasury account by buyers of Venezuelan oil and other natural resources, then released to the interim government in Caracas, which is led by former allies of Maduro and now works closely with Washington.
What the Report Shows
The KPMG report, dated October 29 and transmitted to Congress in early November, breaks down the $12.26 billion collected through September 30, the end of the 2026 U.S. budget year.
More than $12.1 billion came from the sale of oil, other petroleum-based products, and natural gas. Smaller sums came from gold ($108 million), minerals ($22 million), and fertilizer ($24.6 million).
Of the total deposited, $12.11 billion — nearly 99 percent — had been disbursed by September 30. Just $168.6 million remained in the Treasury-managed escrow account.
The report states that the funds “remain sovereign property of Venezuela” but are “held pending disposition for public, governmental, or diplomatic purposes” as determined by Secretary of State Marco Rubio.
How the Money Moved
According to the report, the bulk of the money was disbursed to individuals and businesses inside Venezuela through foreign exchange transactions with commercial banks in the country. The arrangement was established after the Trump administration took effective control of Venezuela’s dilapidated oil industry following Maduro’s capture.
The report does not name the buyers. It redacts the names of the 20 companies that purchased Venezuelan oil and gold during the first nine months of the year.
The disclosure comes after months of questions from lawmakers and watchdog groups about who was buying Venezuelan crude, at what price, and where the proceeds were going. The administration has said the arrangement was designed to stabilize Venezuela’s economy quickly and keep oil flowing while the interim government rebuilds the sector.
Background: Ten Months After Maduro’s Capture
U.S. forces seized Maduro on January 3, 2026, and brought him to New York to face drug-trafficking charges. The operation left up to 100 people dead, according to earlier reporting, and installed an interim government drawn from Maduro’s former circle that has cooperated closely with Washington ever since.
Within days of the operation, the administration granted special licenses to the trading houses Vitol and Trafigura to market Venezuelan crude, without a competitive bidding process. Officials cited the need for speed and for stabilizing Venezuela’s economy. Reuters reported this week that the two firms earned hundreds of millions of dollars from the arrangement, while Venezuela exported more than 200 million barrels of oil this year.
Major oil companies have also moved in. ExxonMobil reached a deal earlier this year to return to Venezuela’s oil sector, and other U.S. firms have been in talks over long-term projects in the country’s vast reserves — the largest proven oil reserves in the world.
Why This Matters
The $12.26 billion figure puts a concrete number on one of the most consequential — and least transparent — parts of the U.S. intervention in Venezuela. For supporters of the administration’s approach, the report shows the money was overwhelmingly returned to Venezuela rather than kept by Washington. For critics, the redacted buyer list and the concentration of decision-making power in the secretary of state’s hands raise questions about oversight.
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The report also matters for Venezuela’s economy. Oil is the country’s main source of foreign currency, and the flow of revenue through the Treasury account has effectively made Washington the gatekeeper of Caracas’s finances during the transition.
Congress is likely to press for more detail. The report was transmitted to lawmakers in early November, and oversight committees have already sought information about the Vitol and Trafigura licenses and the terms under which buyers were selected.
Latest Developments
The State Department has not said whether it will publish further reports covering the final quarter of 2026. The KPMG accounting covers only the period through September 30, so revenue from October onward has not yet been disclosed.
Questions remain about the 20 unnamed buyers, the prices they paid, and how the disbursed funds were spent inside Venezuela. The administration has said the money went to stabilizing the economy and funding public services, but the report itself does not provide a line-by-line accounting of spending inside the country.
Frequently Asked Questions
How much Venezuelan oil revenue did the U.S. handle in 2026?
According to the KPMG report released by the State Department, the U.S. handled $12.26 billion in revenue from Venezuelan oil, gas, gold, minerals, and fertilizer in the first nine months of 2026. Oil and petroleum products accounted for more than $12.1 billion of that total.
Was the money returned to Venezuela?
Nearly all of it. The report says $12.11 billion — about 99 percent of the total deposited — had been disbursed by September 30, 2026, mostly to individuals and businesses inside Venezuela through foreign exchange transactions with commercial banks. Only $168.6 million remained in the Treasury escrow account.
Who prepared the report?
The accounting firm KPMG prepared the report. It is dated October 29, 2026, and was transmitted to Congress in early November before the State Department made it public on Thursday, November 12.
Who decides how the funds are used?
The report says the funds remain the sovereign property of Venezuela but are held pending disposition “for public, governmental, or diplomatic purposes” as determined by Secretary of State Marco Rubio.
The report is the first detailed public accounting of Venezuela’s oil money since Maduro’s capture, and it is unlikely to be the last word. With Congress now holding the figures, the debate over who profited from Venezuela’s oil — and who should oversee the money going forward — is set to continue.
Sources:
Reuters, “US handled $12 billion of Venezuela’s oil revenues, report says,” November 12, 2026 — https://wnflsports.com/2026/11/12/us-handled-12-billion-of-venezuelas-oil-revenues-report-says/
The Hindu BusinessLine, “US returns over $12 billion in oil proceeds to Venezuela since Maduro’s ouster, report says,” November 13, 2026 — https://www.thehindubusinessline.com/news/world/us-returns-over-12-billion-in-oil-proceeds-to-venezuela-since-maduros-ouster-report-says/article71696367.ece
BusinessWorld, “US handled $12 billion of Venezuela’s oil revenues, report says,” November 13, 2026 — https://bworldonline.com/world/2026/11/13/793670/us-handled-12-billion-of-venezuelas-oil-revenues-report-says/
