In an update on U.S.-managed Venezuelan oil operations, Energy Secretary Chris Wright announced that sales have surpassed $1 billion since the program began last month. Speaking to NBC News, Wright revealed a key change: future proceeds will no longer route through a U.S.-controlled account in Qatar but will instead go directly to a U.S. Treasury Department account.
The shift addresses earlier concerns about protecting funds from Venezuela’s numerous creditors, who hold tens of billions in claims from sovereign debt defaults and past nationalizations of assets belonging to companies like Exxon Mobil and ConocoPhillips. Wright explained that the initial $500 million in sales was deposited in Qatar to avoid immediate seizure risks, with those funds later transferred to Venezuela. “We want those creditors ultimately to get their money back, but that money urgently needs to get to Venezuela,” he said.
This development follows the Trump administration’s military operation in January 2026 that captured former President Nicolás Maduro, placing Venezuela’s oil exports—its primary revenue source—under U.S. oversight. Short-term agreements are in place for another $5 billion in crude sales in the coming months, primarily to U.S. refineries and Europe.
Wright’s recent visit to Caracas marked the highest-level U.S. energy-focused trip to the OPEC nation in nearly three decades. He met interim President Delcy Rodríguez, toured oil facilities, and expressed optimism about dramatically increasing production. “Cooperation with Venezuela is off to a tremendous start,” Wright told NBC, emphasizing plans to rebuild the industry and foster prosperity through partnership.
However, the arrangement has drawn scrutiny. Democrats in Congress have questioned the transparency and constitutionality of handling funds without full oversight, especially given the initial Qatar routing. The U.S. does not officially recognize Rodríguez’s government, instead acknowledging the 2015 opposition-led National Assembly, creating legal complexities for fund management. Secretary of State Marco Rubio has highlighted the need for “creative” solutions to resolve recognition issues.
Wright indicated that U.S. oversight is temporary, with elections and a power transition likely during Trump’s term, after which Venezuela will determine its own leadership. As the administration pushes for investment and output growth, the move to Treasury deposits aims to streamline operations while navigating debt risks and political sensitivities.
The rapid revenue generation underscores Venezuela’s vast potential, but sustained success depends on resolving creditor claims, boosting infrastructure, and achieving political stability.