The Trump administration has completed its first sale of Venezuelan oil, valued at $500 million, an administration official told Semafor. The transaction marks a significant milestone in Washington’s unprecedented control of Venezuela’s energy resources following the ouster of former leader Nicolás Maduro just 11 days ago.
Under the new arrangement, the United States is expected to manage up to 50 million barrels of Venezuelan oil, selling the product while holding the proceeds in accounts controlled by the U.S. government and distributing revenue back to Venezuela. The executive order signed by President Trump last Friday provides some protections against courts or creditors accessing these funds, a key consideration given Venezuela’s outstanding debts of roughly $170 billion to international bondholders and oil companies.
Trump conveyed to ConocoPhillips CEO Ryan Lance last week that U.S. companies would not be held accountable for previous losses in Venezuela, describing them as “their fault,” according to Semafor. The administration has emphasized that the interim leadership in Venezuela, headed by former Maduro deputy Delcy Rodríguez, has “fully cooperated” with U.S. authorities, providing leverage through sanctions and oil sales.
Revenue from the initial sale is being held in bank accounts located outside the United States, primarily in Qatar, chosen for its neutrality and ability to facilitate transactions without risk of seizure, a second senior administration official told Semafor. Additional funds are expected to be kept in U.S. Treasury accounts, with Treasury Secretary Scott Bessent stating that his department will “oversee the accounts” and ensure funds are properly disbursed back to Venezuelan recipients.
White House spokeswoman Taylor Rogers told Semafor that the deal “will benefit the American and Venezuelan people” and highlighted ongoing discussions with U.S. oil companies to expand investment in Venezuelan energy infrastructure. Chevron, the only major U.S. company previously operating in Venezuela, believes it can increase production by 50 percent over the next two years, according to administration sources.
The decision to house significant portions of Venezuelan oil revenue in Qatar has drawn criticism from Democrats. Sen. Elizabeth Warren called the move “precisely a move that a corrupt politician would be attracted to,” according to Semafor, highlighting concerns over offshore accounts controlled by the U.S. president. Financial and legal experts, including former Biden administration adviser Peter Harrell, noted that while offshore accounts for oil proceeds have historical precedent — citing Iranian oil sales — managing such accounts under intense political scrutiny will be challenging for any bank involved.
Democratic lawmakers, including Sen. Jack Reed, have expressed concerns about transparency, control, and the potential for misuse of funds. “I am innately suspicious of using a Qatari account,” Reed told Semafor, noting the need for oversight given the complexity of international banking and Venezuela’s prior corruption risks.
While the $500 million sale offers a political win for the Trump administration, many questions remain unanswered. The White House has yet to clarify how oil revenue will reach Venezuelans displaced by the Maduro regime, how ongoing legal disputes might affect the funds, or when new elections in the country might be held. The administration’s ability to manage Venezuelan resources effectively will continue to face scrutiny from lawmakers, the press, and international financial institutions.
