U.S. to Deposit Venezuelan Oil Revenue Directly to Treasury, Bypassing Qatar

The move ends a previous arrangement where funds were routed through a Qatari account under U.S. control.

Published on Feb. 28, 2026

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The U.S. Secretary of Energy announced that revenue from Venezuelan oil sales will now be deposited directly into the U.S. Department of the Treasury, rather than through an account in Qatar that was previously used as an intermediary. This change follows the capture of Nicolás Maduro and the Trump administration's assumption of control over Venezuelan crude oil sales.

Why it matters

The shift in how Venezuelan oil revenue is managed underscores the complex political and economic considerations surrounding the country's resources, particularly given the ongoing U.S. oversight of its oil industry following recent leadership changes. Democrats in Congress have raised concerns about the transparency of the agreement.

The details

The U.S. Secretary of Energy, Chris Wright, stated that 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 Trump administration assumed control of Venezuelan crude oil sales. As of this report, oil has been delivered to refineries in both the United States and Europe, with the value of these sales already exceeding $1 billion and potentially doubling in the coming months.

  • On February 27, 2026, the U.S. Secretary of Energy announced the change in how Venezuelan oil revenue will be managed.
  • Two weeks prior, the Secretary had previewed this change in an interview with NBC News.
  • On February 11, 2026, Senate Minority Leader Chuck Schumer and Congressman Adam Schiff proposed legislation to investigate how the Trump administration has handled the profits from Venezuelan oil sales.

The players

Chris Wright

The U.S. Secretary of Energy who announced the change in how Venezuelan oil revenue will be managed.

Nicolás Maduro

The former president of Venezuela, who was captured, leading to the Trump administration's assumption of control over Venezuelan crude oil sales.

Donald Trump

The President of the United States, whose administration took control of Venezuelan crude oil sales following the capture of Nicolás Maduro.

Chuck Schumer

The Senate Minority Leader who proposed legislation to investigate how the Trump administration has handled the profits from Venezuelan oil sales.

Adam Schiff

The Congressman who proposed legislation with Senate Minority Leader Chuck Schumer to investigate how the Trump administration has handled the profits from Venezuelan oil sales.

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What they’re saying

“We must maintain control over the sale of Venezuelan crude for an indefinite period, and the public has a right to know how these funds are being managed.”

— Chuck Schumer, Senate Minority Leader (NBC News)

“The shift in how Venezuelan oil revenue is managed raises serious questions about transparency that deserve thorough investigation.”

— Adam Schiff, Congressman (NBC News)

What’s next

President Trump is scheduled to visit Texas on Friday, where he and Secretary Wright are expected to highlight the administration's energy achievements. The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This change in how Venezuelan oil revenue is managed underscores the complex political and economic considerations surrounding the country's resources, particularly given the ongoing U.S. oversight of its oil industry following recent leadership changes. The transparency of this agreement will likely remain a point of scrutiny and debate in the coming months.