Venezuela Says Pay Takes 99% of Oil Funds

Venezuela’s acting president, Delcy Rodríguez, said on Thursday 12 November 2026 that wages and pensions took 99% of the money paid out of two state funds fed mostly by oil sales: the Social Protection Fund, which pays salaries and social programmes, and the National Infrastructure Fund. Between January and November the funds paid US$14.71 billion to public-sector workers and pensioners, out of US$14.86 billion in total payments.

For US readers it is an official look at where Venezuelan oil money goes, which matters to investors, oil companies and policymakers. The data sits on a government portal, and the same portal shows the figure covers only part of state finances.

Venezuela says 99 cents of every dollar paid out of its oil-funded social and infrastructure funds went to wages and pensions. The portal covers only part of state finances.

What the Government Published

Rodríguez said on Thursday 12 November that US$14.71 billion of the US$14.86 billion paid out between January and November went to public-sector salaries and pensions. The other US$150.5 million, or 1.0%, covered the running costs of government.

The government’s transparency portal, run by the government, lists the same totals and was last updated on 12 November 2026. It also shows US$15.60 billion in income and a remaining balance of US$743.1 million.

Where the Money Comes From

Sales of oil and derivatives through a joint venture (the portal’s “empresa mixta” line) brought in US$15.15 billion, or 97.1% of income, according to the portal’s income page. Other commodities added US$336.6 million, jet fuel US$77.6 million and gas US$25.3 million.

The portal has no separate line for mining, so the 99% cannot be split between oil and mining. The nearest category, “other commodities”, is not itemised.

What the 99% Does and Does Not Cover

Rodríguez described the figure as a share of oil and mining income. The portal’s own totals show it is 99% of payments and 94.3% of the US$15.60 billion received, with the rest held as a US$743.1 million balance or spent on running costs.

The portal’s methodology page says it covers only the Social Protection Fund and the National Infrastructure Fund. Its running-costs line covers institutional payments, with examples such as PDVSA, the state oil company, Minerven, a state mining company, and the central bank (BCV).

Why Pay Takes So Much

On 30 April Rodríguez announced a minimum integral income, base pay plus state bonuses, of US$240 a month, up from US$190, and a US$70 monthly pension. The rise came through state bonuses rather than the base wage, and Labour Minister Carlos Alexis Castillo called the measure temporary.

The portal says the government is preparing year-end bonus (aguinaldo) payments. It does not say how large they will be.

Related: Venezuelan unions rally for pay; US returns Venezuelan oil money.

What to Watch Next

The portal’s Social Protection Fund shows US$1.93 billion paid out over the last 30 days against US$1.50 billion received. Watch whether the year-end bonus payments widen that gap in the portal’s next update.

What Prediction Markets Say

Traders on Polymarket, a prediction-market platform, price a 4.6% chance that Rodríguez is out as leader of Venezuela by 31 December, with US$195,539 traded on that contract (as of 1:49 p.m. ET on 13 November 2026). The price is a bet, not a poll, and says nothing about pay policy.

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 It Means for You

Anyone following Venezuelan oil should read the 99% as a spending figure for two funds, not for the whole budget. It shows that most income reaching these funds is paid out as pay and pensions, and the portal does not itemise what, if anything, goes to infrastructure.

What Is Not Known

The portal does not say how many people are paid or how much of the income comes from mining. It names BDO Venezuela, an accounting firm, only for an independent review of the central bank’s international operations, so nothing states that these payment figures were independently audited.

Frequently Asked Questions

What did Delcy Rodríguez say about wages and pensions?

She said 99% of the money paid out of two state funds between January and November 2026 went to public-sector wages and pensions. That was US$14.71 billion of US$14.86 billion.

Does 99% of Venezuela’s oil revenue go to wages?

Not exactly. The 99% is the share of payments from two funds; wages and pensions equal 94.3% of the US$15.60 billion those funds received.

Where can I see the data?

The government publishes it at transparenciasoberana.gob.ve, last updated on 12 November 2026. It lists income and payments by month.

How much is the minimum income in Venezuela?

Rodríguez announced on 30 April a minimum integral income of US$240 a month, paid through bonuses, with pensions at US$70. The base wage was not raised.

Sources: Transparencia Soberana, Venezuela government portal (12 November 2026); Delcy Rodríguez on X (12 November 2026); Polymarket market data (13 November 2026). More: Venezuela news.

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