Venezuela's oil money under US custody: seven months and no audit

Quarterly KPMG audits were promised in April. Two are now overdue. Venezuela's transparency portal shows a single entry since March.

Published July 23, 2026

Since January, Venezuelan oil revenue has flowed into accounts held by the US Treasury and is spent with State Department authorisation. The Financial Times estimated this week, using Kpler shipping data and Argus Media price assessments, that the accrued total exceeds US$13 billion. That is a journalistic estimate: the US government has never published a revenue figure.

What it did say, in April, was that it had authorised disbursements of about US$3 billion and that KPMG would conduct quarterly audits. Seven months into the custody arrangement, no audit has been published. The arrangement was justified by Venezuela's corruption record. That same argument is what now binds the custodian.

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VENE · ECONOMIST Intelligence Unit · Informational analysis. Does not constitute investment, legal or tax advice. Vene Economist is not a credit rating agency; the "VE Verdict" is a proprietary editorial indicator, not a credit rating. Always verify against the primary source before making decisions.

Pacific Coast Energy already runs the fields of two joint ventures whose private partners say they still hold their 40%. What each can claim outside Venezuela turns on its company’s nationality: the Dutch one lost its treaty protection in 2023; the Spanish one keeps it, with ownership that will be hard to prove.

OFAC · GL 48D

GL 48D — Supply of Goods and Services to Venezuela

Authorizes the supply from the U.S. or by a U.S. person of goods, technology, software or services for oil, gas and petrochemical exploration, development and production —including maintenance and repair of equipment—, and for electricity generation, transmission, storage and distribution in Venezuela. As of September 28, 2026, the petrochemical annex lists methanol. The formation of new joint ventures remains outside the license. Supersedes GL 48C.

SECTOR BRIEF · VE-SECTORS

Venezuela productive sector August 2026: the gateway waits on paperwork, not on construction

The Maiquetía terminal opening set for August 24 did not happen and that day's drill closed with no date. The September 1 in circulation sits in reservation systems, not in an official act: what is missing is slot assignment, and United already moved its route to January 2027.

Venezuela's oil money under US custody: seven months and no audit

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GL 48D — Supply of Goods and Services to Venezuela

Venezuela productive sector August 2026: the gateway waits on paperwork, not on construction