February 02, 2026
Unpacking the Trump Administration’s Plans for Venezuela’s Oil Revenue
This article was originally published in Lawfare.
Since removing Venezuelan dictator Nicolás Maduro from power, President Trump has made clear that he intends to “get the oil flowing” from the hydrocarbon-rich country. What exactly this would mean in practice began to come into focus on Jan. 6.
The main purpose of the mechanism set up by Executive Order 14373 is to protect Venezuelan oil revenue from legal process, something that is likely necessary if Venezuela wishes to reengage with the global oil economy.
Subsequent media reports revealed that this initial shipment of Venezuelan oil—taken from existing stores that had reached capacity during the U.S.-imposed embargo on Venezuelan oil exports—was sold to Vitol and Trafigura, two major oil trading firms based in Switzerland and Singapore, respectively, with substantial operations in the Caribbean, for an estimated $500 million, with more purchases to come. On Jan. 9, Trump issued Executive Order 14373, which appeared to set up a special mechanism for managing Venezuelan oil revenue in the United States (as well as assets related to its purchase of diluents, lighter-weight hydrocarbons that Venezuela needs to mix with its own heavy crude oil in order to transport it efficiently). Yet the initial $500 million payment was instead sent to an account in Qatar subject to U.S. supervision and control. About two-thirds of the funds have since been transferred back to banks in Venezuela, while the remainder remains in the Qatar-based account.
Read the full article on Lawfare.
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