The U.S. Secretary of Energy, Chris Wright, announced on Friday, February 27, 2026, that revenue from Venezuelan oil sales will now be deposited directly into the U.S. Department of the Treasury. This marks a shift from the previous arrangement where funds were initially routed through an account in Qatar.
Shift in Funds Management
Wright had previewed this change two weeks prior in an interview with NBC News, stating the Treasury would cease using the Qatari account – which was under U.S. Government control – as an intermediary for funds destined for Venezuela. The decision follows the capture of Nicolás Maduro, after which the administration of President Donald Trump assumed control of Venezuelan crude oil sales.
As of this report, oil has been delivered to refineries in both the United States and Europe. Wright indicated during a visit to Corpus Christi, Texas, that the value of these sales has already exceeded $1 billion and could potentially double in the coming months.
Congressional Scrutiny
The U.S. Government has stated it will maintain control over the sale of Venezuelan crude for an indefinite period, leading to public interest in the mechanisms for managing the resulting funds. Democrats in Congress have raised concerns regarding the transparency of the agreement. On February 11, Senate Minority Leader Chuck Schumer and Congressman Adam Schiff proposed legislation that would direct the Government Accountability Office (GAO) to investigate how the Trump administration has handled the profits from Venezuelan oil sales.
Secretary Wright recently met with Venezuela’s acting president, Delcy Rodríguez, in mid-February to discuss a potential long-term energy agreement. President Trump is scheduled to visit Texas on Friday, where he and Secretary Wright are expected to highlight the administration’s energy achievements.
Frequently Asked Questions
What change regarding Venezuelan oil revenue was announced on February 27, 2026?
The U.S. Secretary of Energy announced that revenue from Venezuelan oil sales will be deposited directly into the U.S. Department of the Treasury, rather than through an account in Qatar.
Who has control of Venezuelan crude oil sales?
The administration of President Donald Trump took control of the sales after the capture of Nicolás Maduro.
What are some concerns regarding the handling of these funds?
Democrats in Congress have questioned the transparency of the agreement, and legislation has been proposed to investigate how the Trump administration is managing the profits from the oil sales.
How might this shift in financial management affect the future of U.S.-Venezuela relations and the global energy market?
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