Record · the original document behind a story
U.S. Received $12 Billion From Venezuela’s Oil, Report Shows
Published by The New York Times on November 10, 2026.
The Times on a KPMG report on the U.S.-controlled Venezuela account
The cited passage, with surrounding source text
… </script></div></section></div><section name="articleBody" class="meteredContent css-6wov7h" data-paywall-inert=""><div class="css-s99gbd StoryBodyCompanionColumn" data-testid="companionColumn-0"><div class="css-53u6y8"><p class="css-12m5bll evys1bk0">The U.S. government received more than $12 billion in revenue from Venezuela’s natural resource exports in the first nine months of this year, according to a confidential report by the global financial services firm KPMG.</p><p class="css-12m5bll evys1bk0">The vast majority of the funds were distributed back to Venezuela soon after they were received, the report shows. It is unclear if the money stayed in the country or who the ultimate recipients were.</p><p class="css-12m5bll evys1bk0">The report, provides the most detailed portrait so far of the financial control exerted by the United States government on Venezuela since U.S. forces toppled the country’s president in January. The report was reviewed by The New York Times and its contents have not been previously reported.</p><p class="css-12m5bll evys1bk0">The Trump administration installed a pliant interim government and charged it with opening up Venezuela’s oil industry to American investment.</p></div><aside class="css-ew4tgv" aria-label="companion column"></aside></div><div data-testid="Dropzone-1"></div><div class="css-s99gbd StoryBodyCompanionColumn" data-testid="companionColumn-1"><div class="css-53u6y8"><p class="css-12m5bll evys1bk0">The report was written just days before the midterm elections and Democratic lawmakers had <a class="css-povzk" href="https://oversightdemocrats.house.gov/news/press-releases/ranking-member-robert-garcia-escalates-investigation-into-trump-administration-venezuelan-oil-management-as-revenue-exceeds-13b" title="" rel="noopener noreferrer" target="_blank">repeatedly vowed</a> to bring more transparency and accountability to Washington’s policy toward Venezuela.</p><p class="css-12m5bll evys1bk0">Now that Democrats have won control of Congress in the midterm elections, several aides to Democratic lawmakers said they would continue pressing the Trump administration to describe what it was doing to prevent corruption in Venezuela after taking control of the country’s finances. </p><p class="css-12m5bll evys1bk0">The report, which KPMG compiled on behalf of the U.S. government, describes the activity of the “Venezuela Custody Account,” which was set up by the U.S. Treasury to manage the flow of Venezuelan export revenues following the ouster of former President Nicolás Maduro. The account was initially based in Qatar but was moved to Citibank in New York in late January.</p></div><aside class="css-ew4tgv" aria-label="companion column"></aside></div><div data-testid="ImageBlock-3"><div data-testid="imageblock-wrapper"><figure class="img-sz-medium css-d754w4 e1g7ppur0" aria-label="media" role="group"><div class="css-1xdhyk6 erfvjey0" data-testid="photoviewer-children-figure"><span class="iqSOia_accessibilityLabel">Image</span><div class="css-8th1pa" data-testid="lazy-image"><div data-testid="lazyimage-container" style="height:257.77777777777777px"></div></div></div><figcaption data-testid="photoviewer-children-caption" class="css-i2069a ewdxa0s0"><span class="css-1y6rqsj e13ogyst0">Secretary of State Marco Rubio during a campaign rally with President Trump in Kansas this month.</span><span class="css-3hmc0r e1z0qqy90"><span class="iqSOia_accessibilityLabel">Credit...</span><span><span aria-hidden="false">Doug Mills/The New York Times</span></span></span></figcaption></figure></div></div><div class="css-s99gbd StoryBodyCompanionColumn" data-testid="companionColumn-2"><div class="css-53u6y8"><p class="css-12m5bll evys1bk0">The report falls short of a formal audit of the Venezuelan oil finances that State Department <a class="css-povzk" href="https://www.facebook.com/reel/1391990682658132" title="" rel="noopener noreferrer" target="_blank">officials</a> <a class="css-povzk" href="https://www.youtube.com/watch?v=J_PF7MFQ7Eo" title="" rel="noopener noreferrer" target="_blank">promised</a> to conduct regularly earlier this year. KPMG describes its role in the report as assisting the State Department in administering the account, helping to trace transactions and conducting other financial integrity measures. The company does not describe itself in the report as an auditor.</p></div><aside class="css-ew4tgv" aria-label="companion column"></aside></div><div data-testid="Dropzone-5"></div><div class="css-s99gbd StoryBodyCompanionColumn" data-testid="companionColumn-3"><div class="css-53u6y8"><p class="css-12m5bll evys1bk0">The report provides little information about how U.S. officials and KMPG employees sought to prevent the money from falling into wrong hands or how they ensured that Venezuela’s oil and other natural resources were sold at fair prices.</p><div id="NYT_MAIN_CONTENT_1_REGION" class="css-9tf9ac" data-testid="region"></div><p class="css-12m5bll evys1bk0">The account received $12.26 billion in deposits between Jan. 3, the date of the U.S. military intervention, and the end of September, according to the report. The vast majority of the funds were distributed back to Venezuela soon after they were received, the report shows.</p><p class="css-12m5bll evys1bk0">The account had a balance of about $170 million on Sept. 30, the report’s cutoff date. The account also earned about $12 million in interest during the period.</p><p class="css-12m5bll evys1bk0">The speed of the disbursements described in the report lends some credence to previous claims by U.S. officials that they serve as mere custodians of the wealth that Venezuela derives from its natural resources, primarily oil.</p><p class="css-12m5bll evys1bk0">At its simplest, the report describes a process through which Venezuela’s central bank requested funds from the U.S.-controlled account. U.S. officials then disbursed money after ensuring the requests met financial integrity criteria.</p></div><aside class="css-ew4tgv" aria-label="companion column"></aside></div><div data-testid="Dropzone-7"></div><div class="css-s99gbd StoryBodyCompanionColumn" data-testid="companionColumn-4"><div class="css-53u6y8"><p class="css-12m5bll evys1bk0">Secretary of State Marco Rubio <a class="css-povzk" href="https://x.com/StateDept/status/2061842431952245010?a=JxuOfOVr69PRoLZ7Z24&s=20" title="" rel="noopener noreferrer" target="_blank">has said</a> repeatedly that before the United States removed Mr. Maduro most of Venezuela’s oil revenues were lost to corruption and foreign middlemen. <a class="css-povzk" href="https://www.nytimes.com/2026/05/05/world/trump-venezuela-oil-deals.html" title="">Reporting by The Times</a> backs some of those claims.</p><p class="css-12m5bll evys1bk0">The KPMG report, however, also provides evidence of the final say U.S. officials have held over when money is released and who gets funds from the sale of natural resources that under Venezuela’s Constitution belong to Venezuelans.</p><p class="css-12m5bll evys1bk0">“The U.S. government established custodial control over Venezuelan natural resources revenue deposits” this year, the report says. It adds that each transaction has to be signed off by officials from State Department and Treasury.</p><p class="css-12m5bll evys1bk0">The U.S. Treasury, State Department, KPMG and Venezuela’s government did not respond to requests for comment.</p><p class="css-12m5bll evys1bk0">The sale of crude oil accounted for the vast majority of the money sent to the account, the report shows. The account also received much smaller deposits from the sale of minerals and fertilizer, including about $100 million deposited by the global commodities firm Trafigura for the <a class="css-povzk" href="https://www.nytimes.com/2026/09/28/world/americas/venezuela-gold-trump.html" title="">purchase of Venezuelan gold</a>.</p></div><aside class="css-ew4tgv" aria-label="companion column"></aside></div><div data-testid="Dropzone-9"></div><div class="css-s99gbd StoryBodyCompanionColumn" data-testid="companionColumn-5"><div class="css-53u6y8"><p class="css-12m5bll evys1bk0">The report does not present the full picture of Venezuelan export revenues. Two of Venezuela’s largest crude exporters, the U.S. oil giant Chevron and a local producer, NABEP, use different financial arrangements to sell at least some of the oil they pump in Venezuela. And much of Venezuela’s gold continues to be exported to the Middle East through informal financial channels.</p><p class="css-12m5bll evys1bk0">Last month, <a class="css-povzk" href="https://www.nabep.net/newsroom/first-nabep-crude-cargo-under-u-s-agreement-arrives-in-texas" title="" rel="noopener noreferrer" target="_blank">NABEP began sending</a> oil to the United States under a deal through which the company will give the U.S. government 35 percent of its shares and 20 percent of its production at below-market rates.</p><p class="css-12m5bll evys1bk0">The majority of the money that was sent back to Venezuela from the custody account, $11.7 billion, was used to prop up the country’s national currency, the bolívar, through foreign currency auctions held by Venezuela’s commercial banks.</p><p class="css-12m5bll evys1bk0">That amount is in line with independent estimates of Venezuela’s inflows of hard currency.</p><p class="css-12m5bll evys1bk0">Sintesis Financiera, a financial consultancy based in Venezuela, estimates that the Venezuelan government spent $12.3 billion on foreign currency auctions in the first nine months of 2026.</p><p class="css-12m5bll evys1bk0">U.S. officials also sent about $130 million from the account to pay the Venezuelan government’s foreign bills, mostly debts to other governments and internationals organizations, the report shows.</p></div><aside class="css-ew4tgv" aria-label="companion column"></aside></div><div data-testid="Dropzone-11"></div><div class="css-s99gbd StoryBodyCompanionColumn" data-testid="companionColumn-6"><div class="css-53u6y8"><p class="css-12m5bll evys1bk0">The report does not identify the ultimate beneficiaries of the currency auctions in Venezuela. Previous <a class="css-povzk" href="https://www.nytimes.com/2026/06/23/world/americas/venezuela-oil-delcy-rodriguez-trump.html" title="">reporting by The Times</a> indicates that a large share of the dollars ends up with a small group of Venezuelan agribusinesses and consumer corporations, while many smaller companies struggle to access hard currency needed for investment.</p><p class="css-12m5bll evys1bk0">And most Venezuelans continue living in poverty despite the influx of hard currency into the economy from the U.S.-controlled account. Prices in the country are expected to rise nearly 300 percent this year, and annual inflation is not expected to fall into double digits until at least 2028, according to Sintesis Financiera.</p><p class="css-12m5bll evys1bk0">Most of the deposits in the account came from Trafigura and Vitol, two global commodity giants that <a class="css-povzk" href="https://www.nytimes.com/2026/01/14/world/americas/venezuela-oil-us-deal.html" title="">acquired exclusive rights</a> to sell Venezuelan oil after the American attack. The number of oil buyers has increased, but those two companies continued to dominate Venezuela’s crude trade, the report shows.</p><p class="css-12m5bll evys1bk0">Trafigura and Vitol together accounted for 61 percent of the money deposited in the account by the end of September, the report shows.</p></div><aside class="css-ew4tgv" aria-label="companion column"></aside></div></section><div data-paywall-inert="" style="display:contents"><div class="bottom-of-article"><div class="css-1i6tsou"><div class="css-hsn83p eqi4ubu0"><div><p>Tyler Pager is a White House correspondent for The Times, covering President Trump and his administration.</p></div></div><div class="css-hsn83p eqi4ubu0"><div><p>Anatoly Kurmanaev covers Venezuela for The Times.</p></div></div></div><div role="toolbar" data-testid="share-tools" aria-label="Social Media Share buttons, Save button, and Comments Panel with current comment count" class="css-10p500e"><div></div><div class="css-10i3hc"><button type="button" 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