Oil & Gas

President Donald Trump said the U.S. has generated more than $13 billion from sales of Venezuelan oil since taking control of the country's oil assets following the capture of former President Nicolás Maduro in January. Trump cited a recent report estimating that the proceeds are held in frozen U.S. Treasury accounts with limited public disclosure.

Trump said the funds have been used to support government operations and suggested future revenues could be allocated to the U.S. military with congressional approval. While officials say the accounts are audited, lawmakers continue to demand greater transparency over how the money has been spent.

At the same time, Venezuela's oil industry has rebounded, with Gulf Coast refiners increasing purchases of Venezuelan crude. Major energy companies, including Phillips 66, Repsol, Eni, and Reliance Industries, have expanded direct supply agreements with PDVSA, helping boost production and exports to their highest levels since 2019.

The recovery has been supported by Venezuela's 2026 Hydrocarbons Law, which opened the sector to greater private investment. However, Rystad Energy warns that aging infrastructure and limited oilfield services will slow future growth, estimating that about $183 billion in investment would be needed to restore production to 3 million barrels per day.