Key facts
- The U.S. Defense Department's Office of Strategic Capital is involved in managing Venezuelan oil revenue under President Trump.
- Billions of dollars in Venezuelan oil revenue have been generated with minimal transparency and oversight since January 3.
- The U.S. has received 43% of Venezuelan oil exports, with India and Spain as other major recipients.
- Details on the spending and safeguards for funds disbursed to Venezuela have not been publicly disclosed.
- Venezuela's interim President Delcy Rodríguez remains in power and has received diplomatic recognition and sanctions relief.
The U.S. Defense Department's Office of Strategic Capital, established by the Biden administration to support the U.S. defense industry, is involved in managing Venezuelan oil revenue under President Trump's administration. This involvement comes amid significant concerns about transparency and accountability regarding billions of dollars in oil revenue collected since the U.S. took control of Venezuela's oil exports following a January 3 military intervention that deposed Nicolás Maduro.
In the first four months of U.S. control, nearly 100 million barrels of oil, valued at an estimated $8 billion, have been exported. The process has been marked by a lack of transparency and minimal oversight, with the administration not publicly disclosing sales figures, revenue collected, or fund usage. Data indicates that the U.S. received 43% of these exports, followed by India at 26% and Spain at 8%. The estimated value of these exports increased from $600 million in January to approximately $3.7 billion in April.
Details shared with Congress by Secretary of State Marco Rubio indicated that $300 million had been disbursed through a short-term account in Qatar, with another $200 million remaining. Secretary of Energy Chris Wright later stated the full $500 million had been transferred to Venezuela and that future transactions would use U.S. Treasury accounts. However, a public accounting of the Qatar account's spending and safeguards against corruption remains absent. A State Department witness informed Congress that about $3 billion had been authorized for disbursement to Venezuela, but the exact remaining balance is unclear.
Despite the lack of transparency, interim President Delcy Rodríguez continues to lead Venezuela, complying with economic concessions demanded by Washington. President Trump has expressed satisfaction with this arrangement, praising Rodríguez for her performance. In return, Venezuela has received diplomatic recognition and sanctions relief, legitimizing Rodríguez's position and facilitating the restoration of ties with the international community.