US releases report on $12bn from Venezuelan oil, mineral resources

Detailed summary

The report seeks to address concerns about the Trump administration's handling of revenue held in trust for Venezuela.

The United States Department of State has released a report detailing what it says the US has done with more than $12bn in revenue from Venezuelan oil and mineral resources, nearly a year after it abducted the country’s leader, Nicolas Maduro.

The disclosure is part of an effort to “promote transparency and accountability in the management of these funds”, says the 53-page report, released on Thursday.

In January, US forces conducted a raid on the Venezuelan capital of Caracas, capturing Maduro and his wife and bringing them to New York City, where they are currently facing charges related to drug trafficking and torture.

Venezuela’s then-vice president, Delcy Rodriguez, took over after Maduro’s abduction and has since made agreements with Washington that saw the US take a direct stake in profits earned from the export of oil and other mineral resources from the South American country.

Since removing Maduro from power, the Trump administration has sought to directly control who buys natural resources from Venezuela and who earns profits from those sales.

US President Donald Trump issued an executive order in January establishing special bank accounts that would hold revenue from those transactions, to be eventually distributed back to Venezuela in a controlled manner.

Trump has made Venezuela a central part of his political narrative, touting the revenue he said the US would receive from sales of the country’s oil during election campaigning in the run-up to the midterm elections that were held earlier this month. Venezuelan rights activists have expressed concern that Washington may give outsized importance to oil revenues and take little interest in backing democratic reforms after the removal of Maduro.

The report released on Thursday covers flows into and out of US-controlled accounts between January 3, 2026 and September 30, 2026. The State Department has also contracted private Washington, DC-based auditing firm KPMG to examine the transactions.

The US took in more…

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