US handled $12 billion of Venezuela's oil revenue, report shows

The United States handled more than $12 billion of Venezuela's oil revenue in the first nine months of 2026, according to a KPMG report the State Department made public on Thursday, with nearly all of it disbursed back to Venezuela and about $169 million still held at September 30.

Why it matters: The report is the first official accounting of the custody arrangement Washington set up over Venezuela's main source of income after seizing Nicolás Maduro in January, and it shows the money remains Venezuelan property released at Secretary of State Marco Rubio's discretion.

Data as of Figures from the State Department's KPMG report on the Venezuela custody account (report dated October 29, 2026, transmitted to Congress in early November and made public November 12), as reported by Reuters and corroborating outlets; the report itself was not yet posted on state.gov when this item was written. Developing item.

The United States handled more than $12 billion of Venezuela’s oil revenues in the first nine months of this year, according to a report prepared by the accounting firm KPMG and made public by the State Department on Thursday. Total deposits into the US Treasury custody account reached $12.26 billion between January 3 and September 30, more than $12.1 billion of it from oil, petroleum products and natural gas, with the rest from gold, minerals and fertiliser, and $12.11 billion, nearly 99 percent, was disbursed, leaving about $169 million in the account.

The arrangement was established after the Trump administration seized then President Nicolás Maduro in January, and buyers of Venezuelan oil pay into the Treasury account, from which funds are released to the interim government in Caracas. The report says the funds remain the sovereign property of Venezuela but are held pending disposition for public, governmental or diplomatic purposes as determined by Secretary of State Marco Rubio.

US handled $12 billion of Venezuela's oil revenue, report shows

Sources