U.S. Sale Of Venezuela’s Oil Hits $13 Billion Since Trump’s Takeover
OPEC+ Prepares to Stop Raising Oil Output Targets President Donald Trumprevealedon Monday that sales of Venezuela’s oil by his administration have generated more than $13 billion since the capture of former President Nicolás Maduro on January 3, claiming that the revenue has effectively “paid for that war many times over”.Speaking to reporters on Air Force One, Trump was responding to aFinancial Times’ report that came out a week ago that estimated that roughly $13 billion in Venezuelan oil revenue is held in frozen U.S.
Treasury accounts as a black box with minimal public accounting.
Back in April, Energy Secretary Chris Wrighttold Semaforthat the U.S.
had sold around 150 million barrels of Venezuelan oil since Trump seized the country’s oil assets.
Venezuela’s heavy and sour crude is typically sold at a discount of up to $15 per barrel relative toBrent crude.
When pressed on where the money went, Trump stated it is used toward "running the country" and suggested diverting future funds to the U.S.
military subject to congressional approval.
While initial funds were moved to an offshore Qatari account to avoid creditor seizures, State Department and Treasury officials have reported that oil proceeds are now held in a U.S.
Treasury-managed Citibank account, with congressional leaders demanding a full audit of the accounts.
In June, Secretary of State Marco Rubio told Congress that the oil sales are audited by KPMG on a continuous basis.
Related: Saudi Aramco Shuts 400,000-Bpd Refinery After Houthi Strike Critics have pointed out that despite devastating earthquakes hitting Venezuela, only $386 million in official disaster aid has transferred.
State Department official Michael Kozak told Congress in April that ~$3 billion had been disbursed to pay Venezuelan government salaries and fund oil infrastructure, leaving roughly $10 billion reportedly unaccounted for.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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