Energy Secretary Chris Wright previously noted that the U.S. moved approximately 150 million barrels of Venezuelan crude after taking control of the industry. While the administration claims these proceeds support governance and military operations, the lack of public accounting remains a point of contention. Congressional leaders are currently pushing for a full audit of the Citibank accounts where the proceeds are held, noting that only $386 million in disaster aid has reached Venezuela despite the massive revenue generated.

Financial oversight remains murky. State Department official Michael Kozak testified that roughly $3 billion has been disbursed to cover Venezuelan government salaries and infrastructure maintenance, leaving approximately $10 billion currently unaccounted for. Meanwhile, the operational landscape for Venezuelan oil has shifted significantly. Following the implementation of the 2026 Hydrocarbons Law, which ended PDVSA’s mandatory majority ownership, private participation has surged. Refiners, including Phillips 66 and Valero Energy, are now negotiating supply deals directly with state entities, bypassing traditional commodity traders.

This commercial pivot has fueled a production rebound, with output climbing from 820,000 barrels per day in January to 1.23 million by June. Despite this growth, Rystad Energy cautions that long-term expansion faces stiff headwinds. Aging infrastructure and a lack of specialized oilfield services suggest that restoring Venezuela’s historical capacity of 3 million barrels per day would require an estimated $183 billion in investment through 2040.