Where is Venezuela’s oil money?

Summary

Patrick Boyle examines the missing Venezuelan oil revenue after the US took control of Venezuelan oil exports in early 2026. He explains why roughly $13 billion in crude sales are largely absent from Caracas's ledger, why $500 million was routed through a Qatari bank, and how US terrorism judgments and conflicting recognition policy complicate sovereign asset protection. He then covers the Delaware auction that handed Citgo's parent to an Elliott Management affiliate, the Bank of England's frozen Venezuelan gold, and Venezuela's earthquake relief crisis. The broader conclusion is that sovereign assets held abroad depend on foreign courts, banks, and governments recognizing a legitimate owner.

• US sold about $13 billion of Venezuelan oil, but Caracas's ledger shows only a $300 million transfer.
• Oil proceeds were routed to Qatar to avoid US court attachment under the Terrorism Risk Insurance Act.
• Elliott affiliate Amber Energy won the PDV Holding/Citgo parent auction for $5.89 billion, pending an OFAC license.
• 31 tons of Venezuelan gold at the Bank of England remain frozen as courts cannot determine who can instruct release.
• Venezuela faces about $37 billion in earthquake damage and a large UN funding gap.
• The legal analysis covers alter ego doctrine, Bancec, TRIA, and the English 'one voice' principle.
• No explicit public-market trade recommendations are made in the video.