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Letter from Rep. Robert Garcia to Vitol and Trafigura
House Oversight Committee Democrats · 2026-01-29
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January 29, 2026
Mr. Russell Hardy
Chief Executive Officer
Vitol
2925 Richmond Avenue, 11th Floor
Houston, TX 77098
Mr. Richard Holtum
Chief Executive Officer
Trafigura
845 Texas Avenue, Suite 3600
Houston, TX 77002
Dear Mr. Hardy and Mr. Holtum:
Since President Trump took unilateral action to deploy the U.S. military to capture
Venezuela’s president, Nicolás Maduro, the Administration has made clear that it intends to
control Venezuela’s oil industry and its revenue for the foreseeable future. 1 In the immediate
aftermath of the military operation, the White House gathered oil drilling and trading
companies—like Vitol and Trafigura—to present them with lucrative opportunities to exploit the
sale of Venezuelan oil. 2 Given these developments, and resulting concerns about the rule of law
and Congress’s constitutional authorities, the Committee seeks answers about the Trump
Administration’s intentions regarding its sale and marketing of Venezuelan oil, as well as its
intentions regarding the resulting revenue. We further seek to understand the nature of any
agreements your companies have made with the Trump Administration regarding Venezuelan
commodities, and the role your companies hold in carrying out the Administration’s actions
relating to Venezuela.
On January 6, 2026, three days after the military operation to capture Maduro, President
Trump posted on Truth Social that Venezuelan oil “will be sold at its Market Price, and that
money will be controlled by me, as President of the United States of America[.]” 3 The following
1
What’s Happening with The U.S. And Venezuela, Explained, Time (Jan. 12, 2026) (online at
https://time.com/7344628/us-venezuela-trump-maduro-oil-drugs-war-explainer-questions-answered).
2
Exclusive: Traders Vitol and Trafigura to Join White House Venezuela Oil Talks, Reuters (Jan. 8, 2026)
(online at www.reuters.com/business/energy/vitol-trafigura-talks-with-us-venezuelan-oil-sales-sources-say-2026-01-
08).
3
Donald J. Trump (@realDonaldTrump), Truth Social (Jan. 6, 2026) (online at
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Mr. Russell Hardy and Mr. Richard Holtum
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day, White House press secretary Karoline Leavitt told reporters that proceeds from the oil sales
“will first settle in U.S.-controlled accounts at globally recognized banks” before being
“disbursed for the benefit of the American people and the Venezuelan people, at the discretion of
the United States government.” 4 Hours later, it was reported that the Trump Administration plans
to hold these funds in bank accounts outside the U.S. Treasury. 5 The lack of clarity as to where
the Trump Administration is holding these funds, including the fact that such funds are not being
held by any bank domiciled in the United States, poses significant questions about its use and
who stands to benefit from Venezuela’s natural resources. 6
The creation of a pool of assets without oversight, safeguards, or accountability raises
serious concerns about corruption and the rule of law, evoking parallels to the Iran-Contra
scandal when the executive branch attempted to bypass Congress to rely on foreign governments
for revenue to achieve its policy goals. 7 This scandal rocked the executive branch and ended with
criminal charges for 14 participants. 8
On January 9, 2026, President Trump convened major oil producers, refiners, oilfield
service companies, and traders—including Vitol and Trafigura—at the White House to discuss
Venezuelan oil production. 9 At this meeting, President Trump stated that “We’re going to be
making the decision as to which oil companies are going to go in” and “We’re going to cut a deal
with the companies—we’ll probably do that today or very shortly thereafter.” 10 Later that day,
reporting indicates that Vitol and Trafigura agreed to the Trump Administration’s request to
facilitate the logistics, financing, and sales of Venezuelan oil. 11 The size and complexity of these
deals raises questions about whether the Trump Administration may have previously consulted
with oil trading desks to understand the risks and payoffs associated with these transactions as
well as establishing the banking relationships with the banks that would receive the funds.
https://truthsocial.com/@realDonaldTrump/posts/115850817778602689).
Trump’s Version of Government Capitalism Strikes Oil in Venezuela, CNN (Jan. 8, 2026) (online at
4
www.cnn.com/2026/01/08/politics/oil-venezuela-trump-congress-funds-analysis).
5
Lisa Desjardins (@LisaDNews), X (Jan. 7, 2026) (online at
https://x.com/LisaDNews/status/2008998959235407904).
6
See Venezuelan Banks Will Get $300 Million of Oil Money to Sell on Exchange Market, Sources Say,
Reuters (Jan. 16, 2026) (online at www.reuters.com/business/energy/venezuelan-banks-will-get-300-million-oil-
money-sell-exchange-market-sources-say-2026-01-16).
7
The Carl Levin Center for Oversight and Democracy, Portraits in Oversight: The Iran-Contra Affair
(online at https://levin-center.org/what-is-oversight/portraits/the-iran-contra-affair) (accessed Jan. 27, 2026).
8
Id.
White House Gathers Oil Majors, Traders, Drillers on Venezuela, Reuters (Jan. 9, 2026) (online at
9
www.reuters.com/business/energy/white-house-gathers-oil-majors-traders-drillers-venezuela-2026-01-09).
10
January 9, 2026: Trump Administration Updates, CNN (Jan 14, 2026) (online at
www.cnn.com/world/live-news/trump-venezuela-01-09-26).
11
Trafigura, Vitol Agree to Help Sell Venezuelan Oil on US Government Request, Reuters (Jan. 9, 2025)
(online at www.reuters.com/business/energy/trafigura-load-first-ship-venezuelan-oil-exports-us-next-week-ceo-
says-2026-01-09).
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Mr. Russell Hardy and Mr. Richard Holtum
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On January 14, 2026, Semafor reported that the Trump Administration had made an
initial sale of Venezuelan oil—valued at about $500 million—with additional sales expected in
the coming weeks. 12 With Vitol and Trafigura purchasing Venezuelan oil at $15 a barrel below
the Brent crude oil benchmark, and subsequently selling it to refiners at about an $8 to $9 a
barrel discount, your companies stand to make a significant profit from the sale of Venezuelan
oil. 13 Vitol’s role in this initial sale is particularly concerning, as campaign finance records show
that a senior employee involved in the deal had previously donated $6 million towards President
Trump’s re-election campaign. 14
To determine who stands to privately or personally benefit from President Trump’s
actions, we ask that you provide materials and information in response to the following requests
by February 12, 2026:
1. All communications between your company and any member, official, or
representative of the Trump Administration or Trump Organization regarding
Venezuela from January 21, 2025, to present;
2. All communications between your company and the Venezuelan government
from January 21, 2025, to present;
3. The names and titles of any senior member of the Trump Administration or
Trump Organization with a financial interest in your company, in addition to the
scope of their financial interest;
4. The names and titles of any individuals from your company who attended a
meeting with President Trump and members of his administration on or about
January 9, 2026, to discuss plans related to Venezuela;
5. Copies of any materials distributed or shared with attendees by any participant or
entity during, in advance of, or following the meeting;
6. The measures your company has taken to ensure that its dealings with the Trump
Administration, members of the Trump Organization, and the Venezuelan
government comply with U.S. anticorruption laws, sanctions laws, and anti-
money laundering (AML) and Countering the Financing of Terrorism (CFT)
statutes;
12
US Gets First $500 Million Venezuelan Oil Deal, Holding Some Proceeds in Qatar, Semafor (Jan. 14,
2026) (online at www.semafor.com/article/01/14/2026/us-gets-first-500-million-venezuelan-oil-deal-holding-some-
proceeds-in-qatar).
13
Vitol and Trafigura: Traders at The Heart of Trump’s Venezuela Oil Grab, Bloomberg (Jan. 25, 2026)
(online at www.bloomberg.com/news/articles/2026-01-25/vitol-and-trafigura-traders-at-the-heart-of-trump-s-
venezuela-oil-grab).
14
Donald Trump’s First Venezuela Oil Sale Deal Goes to Megadonor’s Company, Financial Times (Jan.
16, 2026) (online at www.ft.com/content/da74c248-fb36-4ff1-8fb2-d2dd1e00fde8).
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Mr. Russell Hardy and Mr. Richard Holtum
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7. All instructions, directives, or other information received from the Trump
Administration regarding the transfer of funds resulting from the sale of
Venezuelan oil, including, but not limited to, any routing instructions, account
numbers, and banking information associated with any applicable transfer of
funds; and
8. All internal compliance materials, trainings, and communications regarding
contributing to political campaigns or political action committees.
The Committee on Oversight and Government Reform is the principal oversight
committee of the House of Representatives and has broad authority to investigate “any matter” at
“any time” under House Rule X. If you have any questions about this request, please contact
Committee Democratic staff at (202) 225-5051. Thank you for your prompt attention to this
request.
Sincerely,
__________________________
Robert Garcia
Ranking Member
cc: The Honorable James Comer, Chairman