Venezuela revenue deposits reach $12.26 billion, with $12.11 billion disbursed
Key Facts
Deposits of proceeds from sales of Venezuelan oil and resources totaled $12.26 billion between January 3 and September 30, 2026, of which $12.11 billion, or about 99%, was disbursed, according to a report prepared by KPMG for the U.S. government and detailed by Reuters and the Associated Press. The report showed that the balance in the account managed by the U.S. Treasury Department stood at $168.6 million on September 30, the end of the U.S. fiscal year. The proceeds included sales of crude oil, along with smaller amounts of gold, metals and fertilizer. The figures show the amount of money that passed through the account during the first nine months of the year, while the balance at the end of September does not represent the balance at the time the report was published. A State Department official said the account supported public services, macroeconomic stability and the rebuilding of the energy, health and infrastructure sectors.
More than $12.1 billion came from sales of oil and its products and natural gas during the first nine months of 2026. Other deposits included $108 million from gold, $22 million from metals and $24.6 million from fertilizer, according to figures cited by Reuters. The breakdown shows that oil, its derivatives and gas were by far the largest source of funds entering the account. The KPMG report said the total proceeds included crude oil sales and smaller amounts of gold, metals and fertilizer. According to the Associated Press, crude shipments were sold on the open market, and the proceeds were then directed to the account managed by the United States.
Most of the disbursed amount went to individuals and companies in Venezuela through foreign exchange transactions conducted by local commercial banks, according to the Associated Press. A total of $11.7 billion in returned funds was used to support the national currency, the bolivar, through foreign exchange auctions managed by Venezuelan commercial banks, according to a Philadelphia Inquirer report citing The New York Times. By contrast, about $133 million was directed to pay directly for services or supplies needed by the Venezuelan government. Reuters reported that most of the disbursed funds went to foreign exchange auctions managed by Venezuelan authorities, while $133 million was paid directly to suppliers. A U.S. State Department official said the use of the proceeds included supporting public services, economic stability and the rebuilding of key sectors.
The published version of the report redacted the names of the 20 companies that bought oil and gold during the first nine months of 2026, according to the Associated Press. The agency said the companies underwent U.S. government screening to verify compliance with sanctions and anti-money laundering controls. Reuters reported that the State Department withheld the names of depositors, while The New York Times reported that most deposits came from commodity trading companies Trafigura and Vitol, which hold special licenses to sell Venezuelan oil. Another report said the two companies together accounted for 61% of the funds deposited in the account through the end of September. This places the concentration of deposits among a small number of companies alongside the issue of withholding buyers’ and depositors’ identities in the public version.
U.S. Executive Order 14373, issued on January 9, 2026, established a framework for depositing proceeds from the sale of Venezuelan natural resources or oil diluents into designated accounts at the U.S. Treasury Department. The order states that the funds are the property of the Venezuelan government and that the United States holds them until their use for public, governmental or diplomatic purposes is determined. In a written response submitted by the Treasury Department to the Senate, the department said it may hold and disburse the funds at Venezuela’s request and with State Department approval. Secretary of State Marco Rubio told a Senate hearing in January that the interim leadership would submit a monthly budget of its financing needs and that oil proceeds would be deposited into an account under U.S. oversight. Rubio described Washington’s management of sales of sanctioned oil as a temporary measure and said the United States would not subsidize investment in Venezuela’s oil industry.
On September 17, three senior members of the Senate Finance and Banking committees called for greater transparency in the management of oil and mineral proceeds, warning that billions of dollars could be directed without authorization or congressional approval. They said, "This arrangement, particularly in the absence of transparency, raises concerns that the administration could use its control over revenues to direct billions of dollars without authorization or congressional approval." This comes as sales proceeds are managed through a U.S. account, with most disbursements going to foreign exchange auctions inside Venezuela. Previous EL7 coverage on October 28 addressed the arrival in Texas of a shipment of one million barrels of Venezuelan oil under an agreement with the United States. Rubio, meanwhile, said U.S. oversight of sales of sanctioned oil was a temporary measure.