Venezuela's Oil Sales Surge Past $1 Billion Amid U.S. Policy Shift
By John Nada·Feb 13, 2026·4 min read
Venezuela's oil revenue has surpassed $1 billion as the U.S. shifts control from Qatar to its Treasury, raising questions about government recognition and future relations.
Venezuela's oil revenue has surpassed $1 billion as the U.S. transitions its management of oil sales from a Qatar account to the U.S. Treasury. This move marks a significant policy shift, with U.S.
Energy Secretary Chris Wright stating that funds will no longer be funneled through Qatar, a change attributed to concerns over Venezuela's creditors potentially claiming the funds. Instead, the revenue is now directly controlled by the U.S., following a high-profile meeting between Wright and Venezuela's interim President Delcy Rodríguez, which represents the highest-level U.S. visit to the nation focused on energy in nearly three decades. Wright revealed that the U.S.
government has secured short-term agreements to sell an additional $5 billion worth of Venezuelan crude oil in the coming months. The recent oil sales have primarily benefitted U.S. refineries and European markets. Initially, the U.S.
deposited $500 million of oil sales in a Qatar account before transferring those funds back to Venezuela, a process aimed at mitigating risks from outstanding claims by Venezuela's creditors, which amount to tens of billions of dollars due to defaults and nationalization of assets. The significance of this policy shift cannot be understated. It not only reflects a new chapter in U.S.-Venezuela relations but also highlights the complex interplay between energy policy and international law. This change in management of oil revenue comes in the wake of geopolitical tensions and economic struggles faced by Venezuela, which has been exacerbated by years of sanctions and mismanagement under former President Nicolás Maduro's administration.
Energy Secretary Wright emphasized that the previous arrangement, wherein funds were deposited in Qatar, was fraught with risks. "Since Venezuela has so many creditors and they owe a lot of money, we had some risk if we put it into a U.S. bank account set up quickly that creditors could freeze that money," he explained. This statement underscores the financial precariousness surrounding Venezuela's economic situation, as the country grapples with debts stemming from its past defaults and the nationalization of foreign assets, including those of oil companies like Exxon Mobil and ConocoPhillips.
This shift also raises significant questions about the future of U.S.-Venezuela relations and the recognition of its government. The U.S. has complicated legal and political issues to navigate, as it does not officially recognize the government led by Rodríguez. Instead, Washington recognizes the opposition-led National Assembly from 2015, creating a legal dilemma for the funds' deposit.
Senators Chuck Schumer and Adam Schiff have expressed concerns regarding the transparency of the previous arrangement and have introduced legislation for an independent audit of the Qatar account. This scrutiny reflects a broader demand for accountability in how international aid and resources are managed in politically sensitive contexts. The complexities surrounding this situation extend into the realm of international law. Experts suggest that Venezuelan oil revenue deposited in the U.S.
should theoretically be under the control of the opposition National Assembly due to the Trump administration's recognition of that body. Scott Anderson, an international law expert, pointed out that this creates a significant question regarding which government the U.S. will ultimately recognize and when. "You have to recognize a government, but we don't recognize this government," said Secretary of State Marco Rubio, highlighting the intricate legal challenges that accompany the U.S.'s current stance on Venezuela.
Wright's meeting in Caracas not only signifies a shift in policy but also represents the U.S. conducting its first on-the-ground assessment of the Venezuelan oil industry, which Washington aims to help rebuild. The implications of this engagement are profound, as it suggests a potential pivot in U.S. strategy toward Venezuela, particularly if elections and a transition of power occur during the Trump administration.
Wright noted that such developments will ultimately be up to the Venezuelan people, emphasizing the importance of sovereignty in determining the political future of the nation. The U.S. government's oversight of Venezuelan oil revenues raises questions about the long-term impacts on the country's economic recovery and the potential for humanitarian assistance. As the U.S.
takes a more active role in managing these revenues, there is a possibility for increased scrutiny and oversight, particularly concerning the legal frameworks governing these transactions. This dynamic could influence how the U.S. balances its recognition policies with the urgent economic needs of the Venezuelan populace. As this situation evolves, the implications for future Venezuelan elections and the broader geopolitical landscape remain a focal point for analysts.
The U.S. is faced with the task of navigating its recognition policies carefully while addressing the pressing economic realities in Venezuela, balancing creditor interests with humanitarian concerns. The resolution of this complex situation could redefine not just Venezuela's economic future but also the geopolitical dynamics of the region, with potential ripple effects on global oil markets and U.S. foreign policy strategies.
Ultimately, as the U.S.