Trump declares US profit from Venezuelan oil sales exceeds $13 billion

Deep News
Jul 28

U.S. President Donald Trump stated on Monday that the country has collected over $13 billion from the sale of Venezuelan crude oil since the removal of former President Nicolas Maduro.

The U.S. took control of Venezuela's oil export operations after a military raid captured Maduro on January 3rd. Trump made these remarks while responding to a question about a Financial Times report that estimated the amount of money his government has generated from oil sales.

"Venezuela brought us $13 billion? I think it's even more than that," Trump told reporters aboard Air Force One en route to inspect a General Motors plant in Michigan. "We've already recouped the cost of that war many times over."

Trump indicated the funds are being used to sustain Venezuela's operations. "We are making a lot of money—billions and billions of dollars from Venezuela," Trump said.

After ousting Maduro, the U.S. largely maintained the structure of Venezuela's government. Washington has been working closely with interim President Delcy Rodríguez, who served as vice president under Maduro.

Democrats in Congress have been urging the administration to disclose the exact amount collected from oil sales, how the funds are being used, and the oversight mechanisms for the project.

U.S. Energy Secretary Chris Wright told Semafor in an April interview that the U.S. has sold approximately 150 million barrels of Venezuelan oil since January.

Secretary of State Marco Rubio informed Congress in June that the oil sales are audited by KPMG, with the funds held in a Citibank account.

"This is a continuous audit, not an annual one; every single expenditure and every allocation is audited by KPMG," Rubio told Congress.

The Trump administration initially deposited $500 million in sales revenue into a U.S.-controlled account in Qatar, Wright stated in February. The U.S. subsequently established a Treasury Department account and stopped sending money to the Qatar account, he said.

State Department official Michael Kozak told Congress in April that approximately $3 billion had been disbursed from the Treasury account. Kozak stated the funds were used to pay salaries for Venezuelan government workers, purchase supplies for the country's oil industry, and for other approved purposes.

Rubio authorized the disbursement of these funds under an executive order issued by Trump on January 9th. The president's order specified that the money is property of the Venezuelan government, held by the U.S. in a custodial capacity.

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