Trump: U.S. sales of Venezuelan oil generate over $13 billion

Charles Kennedy Tue, July 28, 2026 at 12:00 PM PDT | 4 min read

President Donald Trump revealed on Monday that sales of Venezuela's oil by his administration have generated more than $13 billion since the capture of former President Nicolás Maduro on January 3. Trump claimed the revenue has effectively "paid for that war many times over."

Speaking to reporters on Air Force One, Trump was responding to a Financial Times report published a week earlier, which estimated that roughly $13 billion in Venezuelan oil revenue is held in frozen U.S. Treasury accounts — described as a "black box" with minimal public accounting.

In April, Energy Secretary Chris Wright told Semafor that the U.S. had sold around 150 million barrels of Venezuelan oil since Trump seized the country's oil assets. Venezuela's heavy and sour crude is typically sold at a discount of up to $15 per barrel relative to Brent crude.

Where the Money Went

When pressed on the destination of the funds, Trump stated they are used toward "running the country" and suggested diverting future funds to the U.S. military, subject to congressional approval.

• Initial funds were moved to an offshore Qatari account to avoid creditor seizures.
• State Department and Treasury officials have reported that oil proceeds are now held in a U.S. Treasury-managed Citibank account.
• Congressional leaders are demanding a full audit of the accounts.
• In June, Secretary of State Marco Rubio told Congress that the oil sales are audited by KPMG on a continuous basis.

Criticism and Unaccounted Funds

Critics have pointed out that despite devastating earthquakes hitting Venezuela, only $386 million in official disaster aid has been transferred.

State Department official Michael Kozak told Congress in April that approximately $3 billion had been disbursed to pay Venezuelan government salaries and fund oil infrastructure, leaving roughly $10 billion reportedly unaccounted for.

Rising Venezuelan Oil Imports in Texas

While lawmakers continue pressing for a full accounting of the proceeds, the asset generating those revenues has continued to appreciate.

One of the clearest examples is Texas, where refiners are now processing the highest volumes of Venezuelan crude since before the first Trump administration imposed sanctions in 2019. Gulf Coast refiners have sharply increased purchases after prolonged disruptions to Middle Eastern crude supplies forced them to replace heavy sour barrels from Saudi Arabia and Iraq.

Production and Export Growth

Venezuela's oil industry has expanded output, increased exports, and fundamentally changed the way it sells crude into international markets since the Trump administration assumed control of the country's oil assets.

Earlier this month, it was reported that global refiners have begun bypassing commodity traders to negotiate directly with Petróleos de Venezuela, S.A. (PDVSA):

• Phillips 66 (NYSE: PSX) has already signed direct supply agreements.
• Valero Energy (NYSE: VLO) is expected to follow.
• European energy majors Repsol (OTCQX: REPYY) and Eni S.p.A. (NYSE: E) have expanded direct liftings of Merey 16 crude.
• India's Reliance Industries has established a direct supply chain into its heavy-crude refining system.

These commercial relationships have coincided with a sharp increase in production:

• Venezuela's oil output rose from roughly 820,000 bpd in January to 1.23 million bpd by June.
• Exports reached 1.25 million bpd, their highest level since 2019 sanctions.

Much of that recovery has been driven by Venezuela's 2026 Hydrocarbons Law.

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