Trump plans to oversee Venezuelan oil revenue for stabilization
The US will temporarily control oil revenues to ensure funds stabilise Venezuela and support its people during transition.
Washington’s approach to Venezuela’s oil is entering a new and highly sensitive phase, one that blends sanctions relief with strict oversight and a promise—still questioned by critics—that the money will finally serve ordinary Venezuelans.
The Trump administration will soon allow Venezuela to sell oil currently under U.S. sanctions, with the proceeds initially earmarked for basic government services such as policing and health care. Secretary of State Marco Rubio outlined the plan during testimony before the Senate Foreign Relations Committee on Wednesday, stressing that Washington will retain short-term control to ensure the revenue is used to stabilise the country.
According to Rubio, the funds from oil sales will be deposited into a special account overseen by the United States Treasury. While the account legally belongs to Venezuela, U.S. sanctions will act as a “blocking mechanism,” allowing Washington to control how and when the money is disbursed. “We only control the dispersal of the money, we don’t control the actual money,” Rubio said, emphasising that the intent is to prevent misuse while the country undergoes a political and economic transition.
Rubio described the arrangement as an interim measure, not a long-term restructuring of Venezuela’s oil industry. The United States, he said, will not subsidise investments in the sector and is simply overseeing the sale of sanctioned petroleum to avoid what he called “systemic collapse.” The aim, he argued, is to keep basic services running while recovery efforts take shape.
The plan follows a dramatic shift in Venezuela’s political landscape after a U.S. raid earlier this month that resulted in the capture of then-President Nicolás Maduro. Since then, Washington has sought to exert influence over the country’s next steps, leveraging its vast oil reserves—the largest proven crude reserves in the world—as both a stabilising tool and a point of pressure.
Rubio told lawmakers that under Maduro, Venezuela’s oil wealth primarily benefited corrupt elites and foreign buyers such as China, which he said purchased oil at steep discounts. Now, he claimed, Venezuela’s interim leaders are cooperating with the United States, including assisting in the seizure of illegal oil shipments. The new framework, he argued, is designed to break with the past and redirect resources toward public needs.
Still, the proposal has drawn sharp scrutiny on Capitol Hill. Democrats and some Republicans pressed Rubio for assurances that the oil sales would be transparent and fair. Senator Chris Murphy of Connecticut voiced deep concern, warning that the plan risks repeating historical mistakes. “You are taking their oil at gunpoint, you are holding and selling that oil, and you’re deciding how that money is used in a country of 30 million people,” Murphy said. “A lot of us believe that this is destined for failure.”
Rubio responded by pledging strict oversight, audits, and clear instructions to Venezuela’s current leaders on what the money can and cannot fund. Permitted uses include policing, public security, and the purchase of essential medicines. He said the goal is accountability, not control for its own sake.
The oil revenue fund was initially set up in Qatar to avoid seizure by American creditors and to navigate legal complications stemming from Washington’s refusal to recognise Maduro’s government as legitimate. Rubio said hundreds of millions of dollars have already been set aside, with as much as $3 billion more anticipated.
On the ground in Venezuela, the stakes are painfully real. Hospitals remain chronically under-equipped, forcing patients to bring their own syringes, surgical screws, and other basic supplies. Many must pay out of pocket for lab tests and imaging at private facilities. Interim President Delcy Rodríguez has said oil revenues will be channelled into two sovereign wealth funds—one focused on health services and another on public infrastructure, including the fragile electric grid.
Rodríguez recently said her government and the U.S. At her request, Venezuelan lawmakers have begun debating changes to the country’s energy law, aimed at attracting much-needed foreign investment.
For millions of Venezuelans, exhausted by years of economic collapse and political turmoil, the promise is simple: that the country’s oil wealth might finally ease daily suffering. Whether Washington’s tightly controlled plan can deliver on that promise—without deepening resentment or mistrust—remains an open and deeply human question.