US President Donald Trump said oil sales from Venezuela have generated more than $13 billion since Washington took control of the country’s oil assets in January. He claimed the revenue had more than covered the costs associated with the operation and suggested future proceeds could support additional government priorities.
Speaking aboard Air Force One, Trump referred to reports estimating that billions of dollars from Venezuelan oil sales remain in US Treasury-managed accounts. He said the funds currently help “running the country” and added that Congress could later approve using some of the money for military purposes.
Lawmakers Seek Greater Transparency Over Oil Revenue
Questions continue to surround the management of the oil proceeds. Reports indicate officials first transferred the funds to an offshore account before moving them to a US Treasury-managed Citibank account.
Secretary of State Marco Rubio previously told Congress that KPMG continuously audits the oil sales. However, lawmakers continue demanding a full accounting of the revenue.
Critics argue that only a small portion of the funds has supported humanitarian assistance despite major earthquakes in Venezuela. Officials have also stated that part of the money has funded government salaries and oil infrastructure, while questions remain about the remaining balance.
Venezuela’s Oil Production Continues to Recover
Meanwhile, Venezuela’s oil industry has expanded production and exports in recent months. Output increased from about 820,000 barrels per day in January to approximately 1.23 million barrels per day by June. Exports also climbed to around 1.25 million barrels per day, reaching their highest level since sanctions took effect in 2019.
Several international energy companies have also strengthened direct supply agreements with Venezuela’s state-owned oil producer, PDVSA. These partnerships have supported increased crude exports and greater private sector participation.
Analysts, however, believe infrastructure challenges will limit faster growth. Industry experts estimate that restoring Venezuela’s historic production capacity of three million barrels per day would require about $183 billion in long-term investment through 2040.
The debate over the management of Venezuelan oil revenue continues as lawmakers push for greater transparency while the country’s energy sector gradually recovers.
