# US Controls $12 Billion in Venezuelan Oil Revenue via Custody Account Confidential KPMG report reveals American oversight of Venezuelan oil exports and financial flows. - **Source:** [Bankier.pl](https://www.bankier.pl) - **Published:** 2026-11-12 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/73a5b281-121d-467e-afdf-122c9fc0b757 ## US Financial Oversight Mechanism Following the January intervention and the removal of President Maduro, the US government established the Venezuela Custody Account. Managed by the US Department of Treasury and held at Citibank in New York, this mechanism grants American officials final authority over all transactions involving Venezuelan oil exports and national financial assets. ## Revenue and Asset Inflows Between January 3 and September, the account processed 12.26 billion dollars in total revenue. While the vast majority originated from oil sales, smaller contributions included exports of gold, minerals, and fertilizers. The account itself generated 12 million dollars in interest, with 170 million dollars remaining as of late September. ## Capital Repatriation and Allocation Approximately 11.7 billion dollars was returned to Venezuela to stabilize the bolivar through commercial bank currency auctions. Additionally, 130 million dollars was allocated toward servicing foreign debt obligations. Despite these transfers, the ultimate beneficiaries remain unclear, as large corporations appear to capture the majority of these hard currency inflows. ## Market Dominance by Giants The post-intervention landscape has centralized Venezuelan oil trade under two global commodity giants, Trafigura and Vitol. These firms controlled 61 percent of the funds deposited into the custody account by the end of September. Smaller local enterprises remain largely excluded from accessing the hard currency necessary for their operational stability. ## Chevron and NABEP Exceptions The KPMG report excludes specific arrangements involving Chevron and the local producer NABEP. NABEP operates under a controversial agreement, surrendering 35 percent of its equity and 20 percent of production at below-market prices to the US. Meanwhile, significant volumes of Venezuelan gold continue to exit via unofficial Middle Eastern channels. ## Economic Reality for Citizens Despite the massive capital flows, ordinary Venezuelans face severe economic hardship. Independent analysts estimate inflation will reach nearly 300 percent this year, with double-digit figures not expected until at least 2028. The current financial strategy has failed to translate into tangible improvements for the local population's purchasing power or stability. ## Lack of Transparency Concerns The KPMG document is not a formal audit, leaving significant questions regarding anti-corruption measures unanswered. It fails to confirm whether Venezuelan resources are sold at fair market prices. Critics and political figures are now demanding greater accountability, questioning how the administration prevents potential mismanagement of these critical national assets. ## Future Political Scrutiny With Democrats gaining control of Congress, the administration faces mounting pressure to justify its Venezuelan policy. Lawmakers are calling for a comprehensive audit to replace the current confidential report. Future investigations will likely focus on the opaque nature of the custody account and the specific selection process for global commodity partners. ## Sources covering this story - https://www.bankier.pl/wiadomosc/Amerykanska-lapa-na-wenezuelskiej-kasie-Ponad-12-miliardow-z-ropy-pod-kluczem-9227604.html?utm_source=RSS&utm_medium=RSS&utm_campaign=Wiadomosci — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._