United States completes return ofUS$500 million in Venezuelan oil sale proceeds amid deepening energy engagement

THE United States has now returned the entire US$500 million from the initial sale of Venezuelan oil to the government in Caracas, confirming the final tranche of proceeds was transferred as part of an emerging energy arrangement between the two nations.

Reuters reported on Wednesday that the last US$200 million was sent on Tuesday, completing the return of funds from the first US$500 million generated by the oil transaction, a US official said, speaking on condition of anonymity.

“Venezuela has officially received all US$500 million from the first Venezuelan oil sale,” the official said, adding that the funds are to be “disbursed for the benefit of the Venezuelan people at the discretion of the US government.”

The deal — agreed after a controversial US military operation on January 3 that resulted in the capture of Venezuelan President Nicolás Maduro — effectively saw American authorities manage and sell Venezuelan crude on global markets, with proceeds initially held in accounts abroad before their return.

Last week, US Secretary of State Marco Rubio described Washington’s involvement in the oil sale as a temporary measure aimed at stabilising Venezuela’s economy, keeping essential government functions operating and providing revenue to public servants.

“So, in essence, we allowed Venezuela to use their own oil to generate revenue to pay teachers and firefighters and police officers and keep the function of government operating so we didn’t have systemic collapse,” he said during testimony on Capitol Hill.

The funds had been held in Qatar in a temporary account designed to ensure that Venezuela received the revenue needed to function while broader economic and political transitions are underway, the US official said.

Looking ahead, the official explained that the long-term goal for future oil sales is to move proceeds into a fund located in the United States, with authorised expenditures for any obligations or expenses of the Venezuelan government or its agencies to be made in accordance with agreed procedures.

The return of the full US$500 million marks an important milestone in the complex and closely watched relationship between Washington and Caracas as the US continues to reshape its approach to Venezuelan oil assets and engage in broader energy market strategies. - February 4, 2026