Fate of Billions from Venezuelan Oil Remains Unclear

Since January, President Donald Trump's administration has collected more than $13bn from the sale of Venezuelan oil, but according to the Financial Times, the United States has not clearly explained how it has handled the funds.

Washington took control of Venezuelan oil exports after President Nicolás Maduro was detained and Vice President Delcy Rodríguez assumed leadership of the country. Oil revenues were expected to bolster the Venezuelan economy, which had been left in a dire state by devastating earthquakes, but no significant recovery has occurred so far.

The US administration has given conflicting explanations for what has happened to the funds. The original presidential executive order described the US role as one of stewardship, while Trump later said that the United States is "making a lot of money" on Venezuelan oil.

The State Department claims that billions of dollars have already been released into the Venezuelan economy and that their use is subject to financial oversight.

According to administration officials, the funds are being used to pay government employees, support the oil industry and rebuild the country following the June earthquakes.

However, several US lawmakers are calling for greater transparency. They say Congress has not yet received the regular reports on the funds it was promised, and they are demanding an explanation of where the billions from Venezuelan oil have gone.

(ft, bak)