President Donald Trump has publicly asserted that the U.S. took Venezuelan oil, stating in Las Vegas, "To the victor belong the spoils." This claim follows a U.S. military operation in Venezuela on January 3, 2026, after which the U.S. and Venezuela agreed to place sanctioned Venezuelan oil revenues under U.S. control.

Secretary of Energy Chris Wright announced the closure of a Qatari account that had handled $500 million of these funds. The Venezuelan government, alongside the U.S. State Department, declared in April that outside auditors were hired to oversee the funds. Congressman Rubio told Congress in June that audits would be ongoing, covering every expenditure and disbursement. Venezuela also launched a website named Transparent Sovereignty to publish oil transaction details.

Despite these measures, the Trump administration has not provided quarterly audit reports to Democrats on the House Foreign Affairs Committee, as promised in April, according to a July 22 report by the Financial Times. Transparent Sovereignty states that $300 million from fuel oil revenues was allocated to pay for a minimum wage increase announced in April.

Additionally, U.S. officials reportedly threatened to cut off Iraqi oil funds after the November 2025 elections if the winning parties appointed undesired cabinet members, Reuters reported.

Trump has framed the brief conflict as lasting "48 minutes," claiming the war was paid for multiple times over by what was taken. However, critics highlight concerns over the Treasury's unaccountable control of these funds and the lack of transparency in reporting.

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