SerpApi.Org
President Donald Trump is facing growing pressure from lawmakers in both parties to explain what happened to billions of dollars generated from Venezuelan oil sales after the United States seized control of the country’s exports following the January capture of former President Nicolás Maduro.
Analyses by economists and congressional investigators estimate the value of oil that has flowed through U.S.-controlled channels at between $8 billion to roughly $13 billion based on Venezuela’s annual state oil revenue.
Despite the scale of the funds, there has been no public accounting of how much has been collected, where it is being held or how it has been spent.
Rep. Joaquin Castro, a Texas Democrat, has argued the operation was financially motivated from the outset. Commenting on the administration’s handling of the funds, Castro said it “seized millions of barrels of oil and created offshore accounts to enrich President Trump and his cronies,” calling it an act of fraud and corruption.
Some Republicans have also called for greater transparency. Rep. Maria Elvira Salazar of Florida said she had pressed the State Department on the issue, noting that billions in oil revenue are flowing from Venezuela and that KPMG is auditing the funds. She stressed the need for transparency about where the money is going.
Economic impact on Venezuela
Oil accounts for about 25% of Venezuela’s GDP and easing sanctions was expected to boost the economy. However, first-quarter GDP grew just 2.5%, well below expectations. Economists told the Financial Times the recovery has remained limited, suggesting the seized funds have not been effectively reinvested.
The situation has been compounded by two earthquakes that struck Caracas on June 24, causing an estimated $37 billion in damage and killing at least 5,300 people, according to the United Nations. The country’s reconstruction needs have intensified scrutiny over the missing oil revenue.
Lawmakers demand an independent audit
In March, Reps. Sean Casten of Illinois and Castro introduced the Venezuela Oil Proceeds Transparency Act, directing the Government Accountability Office to conduct an independent audit of the administration’s handling of the funds.
Casten said it had been apparent from the beginning that key administration officials were either unaware of or unwilling to explain where, how and under what authority they were controlling the Venezuelan oil proceeds.
Rep. Robert Garcia, the ranking member of the House Oversight Committee, separately questioned oil trading firms Vitol and Trafigura over their role in the sales. He noted that Vitol stood to profit from a deal involving a senior trader who had previously donated millions of dollars to Trump’s presidential campaign.
Rep. Lloyd Doggett of Texas raised similar concerns, citing Financial Times reporting that the administration awarded $250 million in oil proceeds to Vitol and The Washington Post‘s reporting that a Trump mega-donor was positioned to profit from newly available Venezuelan crude.
Where the money was supposed to go
A Council on Foreign Relations analysis published in June found that during the first four months of U.S. control, about 100 million barrels of Venezuelan oil worth an estimated $8 billion moved through a process with little transparency and minimal oversight. The administration has not disclosed how much oil was sold or how the revenue has been used.
A separate analysis by Global Witness estimated that Venezuela’s government earned roughly $13 billion from oil and gas production in 2025.
The White House has continued to describe the arrangement as mutually beneficial. The Department of Energy has said the funds will ultimately serve both countries, while Trump has repeatedly said the United States is profiting from the deal. Speaking to reporters, Trump described Venezuelan crude as valuable and pledged that American oil companies would invest heavily to rebuild the country’s deteriorating infrastructure, a commitment he separately valued at $100 billion.
