The US State Department on Thursday, 12 November 2026, published a report showing that the American government managed more than $12 billion in Venezuelan oil revenue. The money sat in a Treasury account opened after the capture of President Nicolás Maduro, The Washington Post reported. The paper said the release came amid demands for transparency and that most of the funds were channeled into the Venezuelan economy.

Reuters reports that the document, prepared by the audit firm KPMG and dated 29 October, was sent to Congress in early November. Buyers of oil and other natural resources deposited the money in the Treasury account, and the sums were released to an interim government made up of former Maduro allies who now work with Washington. A State Department official, speaking anonymously, said “the report shows the process is working” and that, in its first nine months, the account supported public services, macroeconomic stability and the rebuilding of energy, health care and infrastructure.

Quartz, drawing on the department’s figures, writes that between 3 January and 30 September the account took in $12.26 billion from 20 depositors. Of that, $12.11 billion, or 98.7 percent, was paid out. Another $168.56 million remained, for transfers requested by Venezuela’s central bank on behalf of the interim government.

Reuters says more than $12.1 billion came from oil, petroleum products and natural gas. Smaller sums came from gold ($108 million), minerals ($22 million) and fertilizer ($24.6 million). The figures are a snapshot as of 30 September and may be updated, Quartz notes.

The report, as quoted by Reuters, says the funds remain the sovereign property of Venezuela but are held until the secretary of state, Marco Rubio, decides on a public, governmental or diplomatic use. Most of the $12.11 billion went to foreign-exchange auctions run by Venezuelan authorities, and $133 million went straight to vendors. Quartz adds that electronic currency interventions totaled $9.32 billion between 31 March and the end of September, through Venezuelan commercial banks.

The depositors’ names are blacked out in the public version. The New York Times, cited by Reuters, reports that most of the money came from Trafigura and Vitol, which received special licenses to sell Venezuelan oil shortly after the 3 January operation in which Maduro and his wife were seized. Executive Order 14373, issued on 9 January, placed the revenues under this arrangement. Before the Treasury account, a temporary central-bank account at Qatar National Bank held $500 million, Quartz says, citing the department.

The New York Times had already described the report on Tuesday, before the State Department published it. KPMG is the monitor and technical adviser the department hired for the program.

Image: Wikimedia Commons — sunset at Lagunillas, on the eastern shore of Lake Maracaibo (Breddyjgalvis, CC BY-SA 3.0). The photo shows the oil coast, not the 2026 report.

Sources consulted: U.S. managed $12 billion in Venezuelan oil revenue — The Washington Post; US handled $12 billion of Venezuela’s oil revenues — Reuters; State Department report: $12.1 billion paid from the oil fund — Quartz.