Venezuela’s oil earnings have surpassed $1 billion, and a new arrangement means those funds will no longer be funneled into a Qatar-based account, according to Energy Secretary Chris Wright. In a NBC News interview this week, Wright explained that funds were historically routed through an account in Qatar, controlled by the U.S. government, before being transferred to Venezuela. He confirmed that now there is a Treasury-backed account in the United States, and the money will no longer flow to Qatar.
The Trump administration has seized control of Venezuela’s oil sales following the capture of former President Nicolás Maduro in a military operation last month. Wright recently met with Venezuela’s interim President Delcy Rodríguez, marking the highest-level U.S. official visit to Caracas in decades.
Wright added that current U.S. arrangements have seen over $1 billion in Venezuelan oil revenue, with roughly $5 billion in short-term contracts to sell additional crude over the coming months. So far, the oil has been directed to U.S. refineries and European buyers.
Initially, about $500 million of oil sales were placed in the Qatar account before being moved back to Venezuela. Critics in Congress have questioned the transparency and legality of this setup.
Senators Chuck Schumer and Adam Schiff introduced legislation directing the Government Accountability Office to perform an independent audit of the Qatar account.
Wright said the decision to keep funds in a U.S. Treasury account was motivated by creditor risk. Venezuela carries substantial outstanding debt, and there are concerns that creditors could seize funds if they were kept in a quickly established U.S. bank account. The objective, Wright noted, is to ensure creditors eventually recover what they are owed while ensuring urgent funds reach Venezuela.
A complication remains: Washington does not officially recognize the government led by Rodríguez. President Trump previously recognized the 2015 opposition-led National Assembly during his first term. Secretary of State Marco Rubio told the Senate Foreign Relations Committee that Washington must devise a legal approach to align recognition with where the money should be deposited.
Some legal experts argue that, given Trump’s recognition of the 2015 National Assembly, control of Venezuelan oil revenues should theoretically rest with that body. This raises the larger question of which government the U.S. will ultimately recognize and when.
Wright indicated that elections and a broader transition in Venezuela are anticipated during Trump’s term, with U.S. oversight of domestic affairs winding down once that transition completes. He framed it as a process to reach a long-term political leadership in Venezuela that will be decided by the country itself.
Would you agree with this approach, or do you see potential pitfalls in pursuing U.S. control without formal recognition of Venezuela’s current government?
