WASHINGTON, DC – In the weeks since the United States snatched
Venezuelan President Nicolás Maduro, the Trump administration has been
selling the country's oil stash, netting millions of dollars and prompting concerns from lawmakers and industry insiders about corruption.
Those concerns will likely surface on Jan. 28 when Secretary of State Marco Rubio testifies before a Senate committee about the Trump administration's ongoing “involvement” in Venezuela.
Trump aims to get Venezuela's oil flowing to “American” companies, and says the United States will control the proceeds from those sales. Venezuelan oil is already flowing into refineries in Houston, Trump told the New York Post in a
Jan. 24 interview.
"Let’s put it this way, they don’t have any oil. We take the oil," he said. Trump has said “his administration” (not America or Americans) will control Venezuela's oil reserves —
the largest in the world.
The administration has so far sold
$500 million worth of oil, depositing some of the proceeds in a Qatari bank account controlled at the Trump administration's discretion,
sources have told USA TODAY.

Experts say the lack of supervision of Trump's Venezuelan oil selloff could be a breeding ground for corruption.
Trump signed an
executive order on Jan. 9 designating revenue from the oil sales as "funds paid to or held by" the U.S. government "on behalf of the Government of Venezuela." Four Venezuelan banks were handed the first $300 million in proceeds to sell dollars to Venezuelan companies in need of foreign exchange currency,
according to Reuters.
"These are Venezuelan funds, and they are outside of the U.S. regulatory framework. It’s not clear what legal framework, if any, binds them," said Francisco Rodriguez, a senior research fellow at the Center for Economic and Policy Research.
The Trump administration granted licenses to two trading houses — Vitol and Trafigura — to handle those initial sales, but other companies have yet to receive any licenses, despite widespread interest, according to three people with knowledge of the oil industry.
The
Financial Times reported that John Addison, a senior trader at Vitol involved in securing the deal, donated $6 million toward Trump's reelection campaign.
Experts say there's no structure to oversee President Donald Trump's ongoing sell-off of Venezuela's oil.
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Vitol and Trafigura did not immediately respond to USA TODAY's request for comment. "Who decided that it was going to be Vitol and Trafigura that were going to get licenses to trade oil?"
As the oil sales move forward, Trump has rebuffed attempts by María Corina Machado, the leader of Venezuela's opposition, to take over the country with the administration's backing. During a
visit with Trump earlier this month, Machado
presented Trump with the Nobel Peace Prize that she was awarded.
Machado's party claimed victory in the 2024 presidential election, and international election observers determined the party solidly won. Maduro refused to relinquish control.
Trump has said elections would be held "at the right time" in Venezuela, without elaborating on when that might be.
Experts say there's no structure to oversee President Donald Trump's ongoing sell-off of Venezuela's oil.
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