US Returned Nearly All of $12.1 Billion in Venezuelan Oil Proceeds, State Department Report Reveals

A State Department report made public on November 12 shows the United States handled $12.11 billion in Venezuelan oil revenues from January through September 2026, disbursing nearly all of it back to Venezuela. The KPMG-prepared report says the funds were distributed mostly through Venezuelan foreign exchange auctions, and that the money remains Venezuela's sovereign property pending final disposition by Secretary of State Marco Rubio.

The disclosure directly contradicts characterizations by President Trump, who had claimed the United States profited from the oil sales. The report makes clear the custody account functions as a pass-through, with the proceeds from crude oil sales, which made up almost the entirety of the inflows, flowing back to Caracas rather than remaining with Washington.

The US assumed control of Venezuela's oil exports following the removal of former President Nicolas Maduro. Under a January 2026 executive order, proceeds from Venezuelan oil sales are required to be held in a US-controlled account, initially routed through offshore arrangements to avoid creditor seizure risks before being consolidated into a Citibank account managed by US officials. The State Department retains authority over how the accumulated funds are ultimately allocated.