The Trump administration is facing mounting calls for greater transparency over billions of dollars in Venezuelan oil proceeds after a Financial Times investigation reported that roughly $13 billion in revenue has been generated under a U.S.-supervised arrangement while only about $300 million has been publicly traced back to Venezuela. The discrepancy has fueled demands in Congress for an independent audit and intensified scrutiny of the legal framework governing the funds.
According to the Financial Times, the revenue has accumulated since U.S. special forces removed Venezuelan leader Nicolás Maduro from power six months ago and Washington assumed oversight of the country's oil export proceeds. While oil exports have continued under the new system, lawmakers and outside analysts say there is limited public information detailing how much money has been collected, where it is being held or how much has ultimately been distributed.
The first major transaction under the arrangement involved the sale of Venezuelan crude to commodity traders Vitol and Trafigura. The shipment reportedly generated approximately $500 million, with the proceeds deposited into an account in Qatar operating under U.S. supervision rather than directly into U.S. Treasury accounts.
Secretary of State Marco Rubio outlined the mechanism during testimony before the Senate Foreign Relations Committee in January. Rubio told lawmakers that $300 million had already been transferred to Venezuela, while another $200 million remained in the account.
Rubio described the arrangement as "novel" and "a short-term mechanism," explaining that the structure was designed because the United States did not recognize the government in Caracas and because funds held in U.S. financial institutions could become vulnerable to claims from Venezuela's creditors.
During the hearing, Rubio also acknowledged that an audit process had not yet been finalized and said the initial disbursement would be reviewed after the fact. That concession has become a focal point for lawmakers seeking additional oversight of the program.
The legal basis for the arrangement stems from Executive Order 14373, signed by President Donald Trump on Jan. 9. The order declared a national emergency and established a custodial framework for Venezuelan oil revenues, specifying that the proceeds remain the sovereign property of Venezuela while under U.S. administration.
The executive order was also intended to shield those assets from creditors pursuing an estimated $170 billion in claims arising from years of Venezuelan defaults and expropriations. Sanctions specialists noted that the order concentrated authority over the funds within the executive branch, allowing foreign-policy considerations to take precedence over commercial claims.
Questions have nevertheless emerged over how the policy has operated in practice. Although the executive order envisioned protected Treasury accounts, the first oil proceeds were reportedly routed through Qatar. Energy Secretary Chris Wright later told NBC News in February that future proceeds would no longer flow through Doha. By that point, according to the reporting, oil sales had exceeded $1 billion, with approximately $5 billion more committed under short-term contracts.
Congressional Democrats have since sought greater transparency. Senate Minority Leader Chuck Schumer and Sen. Adam Schiff introduced the Venezuela Oil Proceeds Transparency Act, legislation that would require the Government Accountability Office to conduct an independent audit and report its findings to Congress within 90 days after completion.
A State Department witness testified before Congress in April that approximately $3 billion had been authorized for disbursement to Venezuela but was unable to specify how much money remained under U.S. control.
