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.

Chevron books no Venezuelan barrel as proved; the White House calls NABEP's 65 billion barrels proven, and the U.S. government holds 35% of the company's parent. The official 303.7 billion figure assumes a lower recovery than the U.S. Geological Survey. What sets each barrel's value is the rule it is counted under, and who controls it.

VE PULSE · 23-OCT-2026

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SECTOR BRIEF · VE-ENERGY-UPSTREAM

Venezuela upstream October 2026: Merey made the quarter that production did not

Venezuela reported 1,206,000 barrels a day to OPEC for September, 5,000 more than in August, while Merey rose $16.93 to $93.75. PDVSA counts 61 signed agreements, and the first start-up declared to a regulator points to the end of 2026.

OFAC · GL 60A

GL 60A — Earthquake Relief Efforts (through April 21, 2027)

Authorizes, through 12:01 a.m. eastern daylight time on April 21, 2027, all transactions related to earthquake relief efforts in Venezuela that would otherwise be prohibited by the Venezuela Sanctions Regulations (31 CFR part 591). Note 1 covers the processing and transfer of funds on behalf of third-country persons and lets U.S. financial institutions and registered money transmitters rely on the originator. It does not unblock blocked property or authorize what other executive orders prohibit. Supersedes GL 60, whose text it repeats except for the expiration date.

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

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FURTHER READING

Venezuela's oil reserves: the license, not the subsoil, sets a barrel's value

From 132,000 to 44,000: SENIAT cuts the list of special taxpayers that withhold VAT

Venezuela upstream October 2026: Merey made the quarter that production did not

GL 60A — Earthquake Relief Efforts (through April 21, 2027)