WASHINGTON, United States – The United States has disbursed approximately $12.11 billion in revenue from Venezuelan oil and other natural resource exports. This represents nearly 99% of the money deposited into a US-managed account during the first nine months of 2026, according to a State Department report released on November 12.
The report was prepared by accounting firm KPMG and dated October 29. It shows that the Venezuela Custody Account received approximately $12.26 billion between January 3 and September 30.
Most of the money came from oil and petroleum exports. Gold, minerals and fertilizer sales provided smaller amounts.
By the end of September, approximately $168.6 million remained in the account.
US Controls Account Holding Venezuelan Export Revenue
The account was established after a US operation on January 3 that resulted in the capture of Venezuelan President Nicolás Maduro.
Under the arrangement, payments from authorized buyers of Venezuelan natural resources go into an account administered by the US Treasury Department.
Venezuela’s interim authorities can request the release of funds. However, transactions require approval under the US oversight system.
The account was initially established in Qatar. It was later transferred to a US Treasury account in New York in January.
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As a result, Washington has significant influence over when payments are released and how Venezuela’s natural resource revenue is used.
Oil Generates Most of the Revenue
The KPMG report identifies petroleum exports as the main source of deposits.
The recorded revenue includes:
Oil, petroleum products and natural gas: More than $12.1 billion.
Gold: Approximately $108 million.
Minerals: Approximately $22 million.
Fertilizer: Approximately $24.6 million.
The report also lists 20 registered depositors. However, the publicly released version does not identify them.
Most Funds Support Foreign-Exchange Operations
Foreign-exchange transactions through Venezuelan commercial banks received the largest share of the disbursements.
Approximately $11.7 billion went towards foreign-currency auctions. These transactions help provide US dollars to businesses and other participants in Venezuela’s economy.
The account also released another $133 million directly to suppliers and service providers for government-related expenses.
The report lists several payments. These include approximately $5 million to Miami-based law firm Greenberg Traurig, nearly $24 million for dialysis and coal-mining equipment, and $8.7 million towards outstanding vaccine-procurement obligations to the Pan American Health Organization.
However, the report does not identify the ultimate beneficiaries of all foreign-exchange transactions. Therefore, the full distribution of the money among Venezuelan businesses, institutions and individuals remains unclear.
Trafigura and Vitol Account for Most Reported Deposits
The financial disclosures also highlight the role of international commodities traders in Venezuela’s oil exports.
According to the confidential KPMG report reviewed by the New York Times, Trafigura and Vitol together accounted for approximately 61% of deposits into the custody account through September.
Both companies received special authorization to participate in Venezuelan oil sales after the January intervention.
Their role has attracted scrutiny because a relatively small number of companies account for a large share of the reported export transactions.
The public version of the State Department report withholds the identities of all 20 depositors. US officials said the companies involved underwent screening for sanctions compliance and money-laundering risks.
US Oversight Raises Questions About Venezuelan Sovereignty
Although Washington controls the account and approves payments, the legal framework established by President Donald Trump recognizes the funds as property of the Venezuelan government.
Executive Order 14373, signed on January 9, 2026, states that the US government holds the money in a custodial and governmental capacity rather than as its owner.
The order also provides that the funds must be held for sovereign purposes determined by the US secretary of state on behalf of Venezuela.
Nevertheless, the arrangement raises questions about financial transparency and the extent of US authority over Venezuela’s natural resource income.
The public report provides more information about deposits and payments. However, it does not identify every buyer, recipient or ultimate beneficiary.
The concentration of trading activity also raises questions about how the arrangement distributes export revenue. In addition, the approval process leaves uncertainty over the extent of control exercised by Venezuela’s interim authorities.
The disclosures could face further congressional scrutiny. Democratic lawmakers have called for greater oversight of the administration’s Venezuela policy. They are also expected to gain additional oversight authority when the new Congress convenes in January 2027.
The latest figures show that Washington has released most of the revenue deposited into the account. However, US officials retain a decisive role in determining when Venezuela’s resource income is released and how it is used.
Primary Sources: U.S. Department of State, “Report on the Venezuela Custody Account,” dated October 29, 2026, transmitted to Congress in early November and publicly released November 12: documents $12.26 billion in deposits, $12.11 billion in disbursements, the remaining account balance and the allocation of funds from Venezuelan natural resource exports; KPMG, financial monitoring report prepared for the US government, October 29, 2026: details deposits, disbursements and account transactions from January 3 to September 30, 2026; Executive Order 14373, “Safeguarding Venezuelan Oil Revenue for the Good of the American and Venezuelan People,” signed January 9, 2026: establishes the legal framework for US custodial control and recognizes the funds as property of the Government of Venezuela.
