The United States has published the first full accounting of the billions of dollars in Venezuelan oil money it has handled since American commandos seized President Nicolas Maduro in January. The State Department released the 53-page KPMG report on Thursday, November 12, 2026, showing that $12.26 billion flowed into a Treasury-controlled account between January 3 and September 30, and that $12.11 billion — nearly 99 percent — was sent back to Venezuela’s central bank. The release ends months of secrecy. Democrats promise to use their incoming House majority to demand more transparency.

Key Points

• The State Department publicly released KPMG’s 53-page “Report on Venezuela Custody Account Operations” on Thursday, November 12, 2026.
• $12.26 billion from Venezuelan crude sales, plus gold, minerals and fertiliser, was deposited from January 3 to September 30, 2026.
• $12.11 billion — nearly 99 percent — was disbursed back to the Venezuelan central bank, leaving $168.6 million in the account.
• Most of the returned money, $11.7 billion, propped up the bolivar through foreign-exchange auctions run by Venezuela’s commercial banks.
• The report redacts the 20 buyers’ names; the New York Times reported Trafigura and Vitol together accounted for 61 percent of deposits.

What Happened

The KPMG report sets out how money from buyers of Venezuelan oil and other natural resources was deposited into a US Treasury account and released to the interim government led by former Maduro allies. The arrangement was created after President Donald Trump’s administration seized then-President Nicolas Maduro on January 3, 2026, and flew him to the United States to face drug-trafficking charges.

Most of the money — more than $12.1 billion — came from oil, petroleum products and natural gas. Smaller sums came from gold ($108 million), minerals ($22 million) and fertiliser ($24.6 million). Of the total, $12.11 billion was disbursed, mostly to foreign-exchange auctions, while $133 million went directly to vendors for services to the Venezuelan government. The report is dated October 29 and was sent to Congress in early November. The New York Times first reported its details on Tuesday, November 10, from a confidential copy.

Background: How the Venezuela Custody Account Works

The Venezuela Custody Account was created days after the January 3 operation. Buyers of Venezuelan crude pay into US Treasury-controlled accounts, and the money is released to Venezuela’s central bank only after Treasury and State Department review. The interim government of Delcy Rodriguez has worked closely with Washington ever since.

The flows are extraordinary: in nine months the account handled more than many countries’ annual budgets, and the $11.7 billion for foreign-exchange auctions has been the main prop for the bolivar. But the report does not show whether the money stayed in Venezuela or who ultimately received it. It falls well short of a proper audit, despite the State Department’s earlier promise of quarterly KPMG audits — none made public before Thursday. House Democrats, including Joaquin Castro, Gregory Meeks and Ami Bera, demanded its release in a September 21 letter.

Venezuela Oil Money: Where the $12.26 Billion Went

Where the money went is now public for the first time. Of $12.26 billion deposited, $12.11 billion was disbursed, leaving $168.6 million at the end of September. The largest use was $11.7 billion to support the bolivar through foreign-exchange auctions run by Venezuela’s commercial banks; a further $133 million went directly to vendors. The report does not name those vendors or the services they provided.

Who bought the oil is hidden by design: the State Department redacted the names of the 20 companies. The New York Times reported that Trafigura and Vitol, two of the world’s largest commodity traders, together accounted for 61 percent of deposits. Both won special licences to sell Venezuelan oil shortly after January 3; Reuters reported a Vitol trader’s ties to Vice President JD Vance helped secure its licence. The report is clear on ownership: “The funds remain sovereign property of Venezuela,” held pending disposition for public, governmental or diplomatic purposes as determined by Secretary of State Marco Rubio.

Reactions and Quotes

The State Department called the release proof the arrangement works. An anonymous official said the account had supported essential public services, macroeconomic stability and the rebuilding of energy, healthcare and infrastructure in its first nine months. The department did not say whether it would now publish the quarterly audits it once promised.

Democrats, who take the House in January, have pledged to demand more transparency over the revenues and the energy contracts signed under Rodriguez. The figures also undercut President Trump’s early claim that oil revenue would cover the cost of the January intervention: nearly all the money went back to Venezuela. Neither Trafigura nor Vitol has commented.

Why It Matters

Until Thursday, the biggest financial operation of the Trump administration’s Venezuela policy ran almost entirely in the dark. The United States holds the sovereign wealth of a foreign state and decides when and how it is spent; the only public accounting until now was a newspaper report based on a confidential document. The published version is fuller, but still hides the buyers and final recipients.

It also matters for Venezuela’s fragile economy. The $11.7 billion defending the bolivar is the largest external support the currency has had in years, delivered through a mechanism that depends entirely on Washington’s cooperation. If that falters, or Congress imposes conditions, the money could slow or stop.

What Happens Next

Democrats say they will demand more transparency when they take the House majority in January, and the report’s gaps give them a clear list to ask for. The State Department has not said whether the next KPMG report will be published in full.

For Venezuela, the test is whether the money keeps flowing. The account held $168.6 million at the end of September, but the report covers only the first nine months. For the companies, the spotlight is now on how the licences were awarded.

Frequently Asked Questions

How much Venezuelan oil money did the US handle?
$12.26 billion was deposited into US Treasury-controlled accounts from January 3 to September 30, 2026, mostly from crude oil sales.

How much was returned to Venezuela?
$12.11 billion — nearly 99 percent — went back to the Venezuelan central bank, leaving $168.6 million in the account. Most of it, $11.7 billion, went to foreign-exchange auctions.

Who wrote the report?
KPMG prepared the 53-page “Report on Venezuela Custody Account Operations”, dated October 29, 2026. The State Department sent it to Congress in early November and released it publicly on November 12.

Why were the buyers’ names redacted?
The State Department blacked out the names of the 20 companies in the public version. The New York Times reported Trafigura and Vitol together accounted for 61 percent of deposits.

Does the money belong to the United States?
No. The report states the funds “remain sovereign property of Venezuela”, held pending disposition for public, governmental or diplomatic purposes as determined by Secretary of State Marco Rubio.

Read more on US News Pulse: the confidential KPMG report first revealed by the New York Times, the Pentagon’s 35 percent stake in Venezuela’s biggest oil deal, and Washington’s phased plan for Venezuela’s democratic transition.