US releases report on $12bn from Venezuelan oil, mineral resources

What the report says

The US State Department has released a report on how more than $12bn linked to Venezuelan oil and mineral revenues moved through US-controlled accounts, according to Al Jazeera. The 53-page document was issued on Thursday as part of what the department described as an effort to improve transparency and accountability around funds tied to Venezuela.

Al Jazeera reported that the report covers transactions from January 3, 2026 to September 30, 2026, and says the US received about $12.26bn from approved entities involved in authorised activity in Venezuela. Most of the money came from crude oil and petroleum-related sales, with smaller amounts from gold, minerals and fertilisers. The report says almost all of the funds had been disbursed by the end of September, leaving about $169m in the account.

The article says the money passed first through an account at Qatar National Bank before being shifted to a Treasury-controlled account in the US. The State Department also hired KPMG to review the transactions. The report is heavily redacted, so it does not identify the final recipients in detail, though it says most of the money went to Venezuelan banks and was used for foreign exchange interventions. The disclosure comes amid continuing political controversy over the Trump administration’s handling of Venezuela-related revenues and broader concerns about how Washington is dealing with the country after Nicolas Maduro was removed from power.