VENEZUELA · OIL
Published Thursday, November 12, 2:05 p.m. ET (3:05 p.m. Caracas) · Source: US State Department report on the Venezuela Custody Account
Washington says it has handed back almost every dollar it collected from Venezuelan oil sales since it removed President Nicolás Maduro in January. A report released by the State Department, the US foreign ministry, on Thursday, 12 November 2026, puts the sum at US$12.11 billion.
The money sat in an escrow account, a holding account that pays out only on approval, managed by the US Treasury Department. The report is the latest turn in Venezuela US tensions, and it builds on our earlier article on the leaked KPMG figures.
Key Facts
- Period From 3 January to 30 September 2026, the account took in more than US$12.26 billion.
- Returned US$12.11 billion, or 98.7%, has been paid out; US$168.56 million still sits in escrow.
- Payouts About US$133 million went straight to pay for supplies and services the Venezuelan government needed.
- Unknown The report does not name the 20 companies that bought the oil and gold.
- Prediction markets Polymarket, a prediction-market platform, gives Delcy Rodríguez, Venezuela’s interim leader, 96.9% to still lead at year-end (US$446,000 traded; 2:04 p.m. ET, 12 Nov 2026).
This story is part of our coverage of the venezuela us tensions. Dates, times and how to follow it are in our guide.
In plain English
Companies buy Venezuelan oil and pay into an account the US Treasury controls. Venezuelan officials then ask Washington to release the money for food, medicine and other needs.
The new report says almost all of it has been released. KPMG, a global accounting firm, compiled the findings for the US government.
What the State Department Report Says
Between 3 January and 30 September, the account received more than US$12.26 billion from approved buyers of Venezuelan crude, gold, minerals and fertiliser. Oil was the biggest source, the report says.
Of that sum, US$12.11 billion has been disbursed. On 30 September, the end of the US budget year, US$168.56 million was still held for future approved payments.
Where Did the Money Go?
Most of it reached people and businesses in Venezuela through currency exchanges with local commercial banks. About US$133 million went straight to pay for services and supplies the Venezuelan government needed.
Named payments include US$5 million to the Miami law firm Greenberg Traurig and nearly US$24 million for dialysis and coal-mining equipment. Another US$8.7 million settled Venezuela’s vaccine debts to the Pan American Health Organization, the regional arm of the World Health Organization.
How the Account Works
Venezuelan crude is sold on the open market, and the proceeds go into the US-managed account. Venezuelan officials then ask for approval to release money for infrastructure and humanitarian needs.
The 20 companies that bought oil and gold in the first nine months are not named. Each had to be vetted by the US government for sanctions and money-laundering compliance.
What It Means for US Readers
The account sits under US Treasury control, which ties US sanctions policy directly to what Venezuela can pay for. Buyers must pass US vetting before they can pay into the account.
For anyone following Venezuelan debt, US oil companies or Caracas politics, the report is an official measure of how much cash Washington controls. It also shows that the arrangement is still running, with US$168.56 million waiting inside it.
What Prediction Markets Say
On Polymarket, traders put Delcy Rodríguez, Venezuela’s interim leader, at 96.9% to still be the de facto leader, meaning the person who actually holds power, at the end of 2026 (US$446,000 traded). They put an election being scheduled by 30 June 2027 at 48.5% (US$678,000 traded), as of 2:04 p.m. ET on 12 November 2026.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
What Is Not Known
The report does not name the 20 buyers of oil and gold. We have not seen the full report; the figures here are its published findings as quoted by news agencies.
It is also unclear what happens to the remaining US$168.56 million or how long the arrangement will continue. No date for a next report has been announced.
Frequently Asked Questions
How much Venezuelan oil money has the US returned?
The State Department report says US$12.11 billion, or 98.7%, of more than US$12.26 billion in deposits was disbursed between 3 January and 30 September 2026. US$168.56 million remained in a US Treasury escrow account.
Who checked the buyers of Venezuelan oil?
The report says each of the 20 buyers of oil and gold was vetted by the US government for sanctions and money-laundering compliance. The report does not name them.
Sources: US State Department report on the Venezuela Custody Account (released 12 November 2026); KPMG findings in that report; Office of Foreign Assets Control, the US Treasury’s sanctions office, Venezuela programme; Polymarket market prices (12 November 2026).
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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