U.S. Sale of Venezuela's Oil Hits $13 Billion Since Trump's Takeover
President Donald Trump announced that U.S. sales of Venezuelan oil have generated over $13 billion since the capture of former President Nicolás Maduro on January 3, 2026. The revenue, held in a U.S. Treasury-managed Citibank account, has been used for 'running the country,' according to Trump, who suggested future funds could go to the U.S. military. Critics note that only $386 million in disaster aid has been sent to earthquake-stricken Venezuela, with roughly $10 billion reportedly unaccounted for. Venezuelan oil output rose from 820,000 bpd in January to 1.23 million bpd by June, and exports reached 1.25 million bpd, the highest since 2019 sanctions. Gulf Coast refiners, including Phillips 66 and Valero, have increased purchases of Venezuelan crude, bypassing commodity traders to negotiate directly with PDVSA. European majors Repsol and Eni have also expanded direct liftings, while India's Reliance Industries established a direct supply chain.
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