NYT: US received $12.26 billion from Venezuelan oil sales in the first nine months of 2026

The New York Times, citing a confidential KPMG report, says that $12.26 billion from the sale of Venezuelan oil and other resources passed through an account controlled by Washington in the first nine months of 2026. Most of the funds returned to Venezuela: about $11.7 billion was directed toward supporting the bolívar, and roughly $130 million went to the government's external payments. The report is not the official audit that the State Department had promised to release.

Aziz KarimovFirst published on tafs uz 11 November 2026 at 12:242 min read

The key facts

The US received $12.26 billion from the sale of Venezuelan oil and other resources in the first nine months of 2026 — according to the NYT, citing a KPMG report
About $11.7 billion returned to Venezuela to support the bolívar, while roughly $130 million went to the government's external payments
61% of the proceeds came from Trafigura and Vitol, which received exclusive rights to sell Venezuelan oil

What is known about the revenues from Venezuelan oil

In the first nine months of 2026, the United States received $12.26 billion from the sale of Venezuelan oil and other natural resources. The funds passed through an account controlled by Washington, The New York Times reports, citing a confidential report by the audit and consulting firm KPMG.

How the account is structured and where the money went

According to the document, the account was opened by the US Treasury Department after the operation to capture the leader of Venezuela, Nicolás Maduro, carried out on January 3. The account was initially placed in a bank in Qatar, and at the end of January it was transferred to Citibank in New York. Every transaction on it was carried out with the approval of the State Department and the Treasury.

Where the funds went

The NYT notes that the bulk of the funds soon returned to Venezuela: about $11.7 billion was directed toward supporting the bolívar through currency auctions at local banks, and roughly $130 million went toward paying the government's external bills, mainly debts to other states and international organizations. As of September 30, about $170 million remained in the account, of which $12 million was accrued interest.

Who sold the oil

The overwhelming share of the revenue came from oil sales; the account also received funds from the sale of minerals and fertilizers. More than half of the proceeds — 61% — came from the companies Trafigura and Vitol, which received exclusive rights to sell Venezuelan oil after Maduro's abduction. In addition, Trafigura paid about $100 million for the purchase of Venezuelan gold.

Caveats and the status of the report

The NYT emphasizes that the KPMG report was prepared at the request of the US government and is not the official audit of the profits from Venezuelan oil sales that the State Department previously promised to release. Thus, the figures cited remain data from a confidential document rather than officially published reporting.