Proceeds from sales of Venezuelan oil are no longer being routed through a fund in Qatar and are going directly to accounts handled by the U.S. Treasury Department, U.S. Energy Secretary Chris Wright said on Friday. After U.S. forces captured and removed Venezuelan President Nicolas Maduro from office in January, the U.S. has controlled the country's oil exports in a landmark deal between Caracas and Washington. ADVERTISEMENTThe proceeds were initially deposited in an account in Qatar to protect it from seizure. Earlier this month, Wright became the highest ranking U.S. official to visit the country in years, where he urged American companies to invest and revitalize Venezuela's dilapidated energy industry. Wright said that the Venezuelan government presented plans for investments during his trip last month that include repairing the country's electricity grid.

Source: The Telegraph February 27, 2026 18:05 UTC