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U.S. says Venezuela oil sales generated more than $13 billion

The administration said the proceeds have been deposited in U.S. Treasury-managed accounts, while congressional leaders have demanded a full audit.

Reported · Written up by our desk · Energy

President Donald Trump said on Monday that U.S. sales of Venezuela’s oil have generated more than $13 billion since Jan. 3, when the administration captured former President Nicolás Maduro, adding that the revenue has been used toward running the country.

Trump spoke on Air Force One in response to a Financial Times report that estimated about $13 billion in Venezuelan oil revenue is held in frozen U.S. Treasury accounts with limited public accounting. He said the money is used for domestic operations and indicated future funds could be diverted to the U.S. military, subject to congressional approval.

Earlier reporting cited by OilPrice said the U.S. sold about 150 million barrels of Venezuelan oil after Trump seized the country’s oil assets in April, with Venezuela’s heavy and sour crude typically sold at a discount of up to $15 per barrel versus Brent crude.

The story also notes that while some oil proceeds were initially moved to an offshore Qatari account to avoid creditor seizures, State Department and Treasury officials have reported that the proceeds are now held in a U.S. Treasury-managed Citibank account. Congressional leaders have demanded a full audit, and in June Secretary of State Marco Rubio told Congress the sales are audited by KPMG on a continuous basis.

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