Key facts
- US handled over $12 billion of Venezuela's oil revenue in the first nine months of 2026, the KPMG report said.
- The Treasury account received $12.1 billion, mostly from oil, petroleum products and natural gas sales, per the report.
- The report states $12.11 billion, nearly 99 percent, was disbursed, largely via Venezuelan foreign exchange auctions.
- The State Department redacted depositor names; the New York Times reported most came from Trafigura and Vitol.
- The funds remain Venezuela's sovereign property, held pending disposition by Secretary of State Marco Rubio, per the report.
The United States handled more than $12 billion of Venezuela's oil revenues in the first nine months of 2026, according to a State Department report made public on November 12 and dated October 29. The report, prepared by KPMG, was transmitted to Congress in early November, a State Department official said.
The account received over $12.1 billion, the vast majority from sales of oil, other petroleum products and natural gas. Smaller sums came from sales of gold ($108 million), minerals ($22 million) and fertilizer ($24.6 million). The report says $12.11 billion, nearly 99 percent, was disbursed. Most went to foreign exchange auctions run by Venezuelan authorities; $133 million went directly to vendors for services to the Venezuelan government.
The State Department redacted depositor names in the public version. The New York Times reported that most deposits came from Trafigura and Vitol, licensed to sell Venezuelan oil after the January 3, 2026 operation to seize Nicolas Maduro and his wife.