US Takes Control of Venezuelan Oil Revenue Under Trump

President Donald Trump is personally supervising the release of funds generated from Venezuela's oil sales, according to a U.S. Administration official. The move follows the capture of Venezuelan leader Nicolas Maduro earlier this month, which prompted the creation of a special fund to manage the country's oil revenues.

These funds are held in U.S.-controlled bank accounts, with President Trump having the final say on their release.

How the US-Managed Fund Operates

An official from the Trump Administration confirmed that revenues from Venezuela's oil sales "will first settle in US controlled accounts at globally recognized banks." This structure gives Washington direct oversight of the nation's primary source of income.

White House spokeswoman Taylor Rogers noted that the president's top advisers are in "constantly engaged in positive discussions with oil companies that are ready and willing to make unprecedented investments in Venezuela."

First Cargo Sale Nets $500 Million

The new system has already been put into action. Last week, the United States sold the first cargo of Venezuelan crude received since Maduro's ousting, fetching a reported $500 million.

The proceeds were deposited into bank accounts under the control of the U.S. federal government. According to a source cited by Reuters, at least one of these accounts is located in Qatar, chosen as a neutral location where the funds can be moved with U.S. approval without risk of seizure.

Venezuela Receives Initial Payment to Bolster Currency

From this first sale, Venezuela has already received $300 million. Delcy Rodriguez, the U.S.-approved acting president of Venezuela, announced the transfer at an event in Caracas.

"We should inform you that we have gotten funds, from the sale of oil, and we have gotten, of the first $500 million, $300 million," Rodriguez stated. She added that the funds will be used to support the country's local currency, the bolivar.

Commodity Giants Vie for Venezuelan Oil Deals

The shift in control has spurred action among global commodity traders. Major companies, including Chevron, Vitol, and Trafigura, are now actively seeking Venezuelan oil deals with Washington.

These firms are reportedly expanding their fleets to handle the potential sale of up to 50 million barrels of oil, a figure President Trump mentioned Venezuela would "turn over" to the United States.