Rubio Details U.S. Plan to Control Venezuela’s Oil Revenue

Testifying before the Senate Foreign Relations Committee, Rubio said the United States will retain short-term control over Venezuela’s oil revenue to ensure it is used to stabilize the country. He said Venezuela’s interim leadership will submit a monthly budget detailing its funding needs.

“The funds from that oil sales will be deposited into an account that we will have oversight over,” Rubio said, adding that the U.S. Treasury Department will manage the process. Venezuela, he stressed, “will spend that money for the benefit of the Venezuelan people.”

Rubio said the plan provides a framework for managing tens of millions of barrels of oil from Venezuela, which holds the world’s largest proven crude reserves, while ensuring transparency over where the proceeds flow.

Post-Maduro Transition Strategy

Following the U.S. operation earlier this month that resulted in the capture of then-President Nicolás Maduro, Washington is seeking to influence Venezuela’s transition through control of its oil revenues.

Rubio emphasized that the U.S. will not subsidize investments in Venezuela’s oil industry and described the oversight mechanism as a temporary measure.

“This is simply a way to divide revenue so that there isn’t systemic collapse while we work through this recovery and transition,” he said.

Lawmakers Question Fairness and Transparency

Democrats and some Republicans pressed Rubio for further clarification on how oil sales would be conducted. Senator Chris Murphy of Connecticut warned against the risk of favoritism toward oil companies allied with President Donald Trump.

“You are taking their oil at gunpoint, you are holding and selling that oil, and you’re deciding how and for what purposes that money is going to be used in a country of 30 million people,” Murphy said. “Many of us believe that this is destined for failure.”

Break With the Past Oil System

Rubio said that under Maduro, Venezuela’s oil industry primarily benefited corrupt leaders and foreign buyers, including China, which purchased Venezuelan oil at discounted prices. He added that Venezuela’s interim leaders are now cooperating with U.S. authorities to seize illegal oil shipments.

According to Rubio, the U.S. will issue binding instructions on how the funds may be spent and will conduct audits to ensure compliance. The money may be used for policing, medicine procurement, and other essential needs.

Qatar-Based Fund and Billions in Revenue

Rubio said the fund holding the oil revenues was initially established in Qatar to prevent seizure by American creditors and to address legal complications stemming from Washington’s refusal to recognize Maduro’s government as legitimate.

Hundreds of millions of dollars have already been set aside, he said, with as much as $3 billion more anticipated.

“It’s an account that belongs to Venezuela, but it has U.S. sanctions as a blocking mechanism,” Rubio said. “We only control the dispersal of the money; we don’t control the actual money.”

Health System in Crisis

Earlier this month, acting Venezuelan President Delcy Rodríguez said oil revenues would be directed into two sovereign wealth funds—one to support crisis-hit health services and another to strengthen public infrastructure, including the electricity grid.

Venezuela’s hospitals remain severely under-equipped, forcing patients to provide basic medical supplies such as syringes and surgical hardware. Many laboratory and imaging services must also be paid for at private facilities.

Channels With Washington and Energy Reform

During a televised event announcing the renovation of health care facilities, Rodríguez said her government and the U.S. administration have established “respectful and courteous channels of communication” since Maduro’s capture.

Neither Rodríguez nor her press office immediately commented on Rubio’s remarks.

At Rodríguez’s request, Venezuelan lawmakers last week began debating an overhaul of the country’s energy law, with proposed changes aimed at attracting much-needed foreign private investment.

U.S. Troop Presence and Iranian Threats in the Middle East

Rubio also highlighted U.S. security concerns in the Middle East, noting that between 30,000 and 40,000 American troops are stationed across eight or nine facilities in the region.

He said all U.S. forces are within range of thousands of Iranian one-way drones and ballistic missiles, requiring a sustained U.S. military presence.

“We have to have enough force and power in the region, at a baseline, to defend against the possibility of an Iranian attack,” Rubio said, adding that the president always retains a preemptive defensive option.