The administration of US President (US), Donald Trump, has reportedly collected more than US$13 billion from Venezuelan oil sales this year.
However, until now Washington has not provided a detailed explanation of how the funds were used.
The US took control of Venezuela's oil exports after removing President Nicolás Maduro in January and appointing Vice President Delcy RodrÃguez as interim leader. The move was also followed by the easing of some economic sanctions on the country.
Oil accounts for about 25% of Venezuela's Gross Domestic Product (GDP). Therefore, oil sales are expected to help revive the country's economy, which has long been facing crisis, especially after two major earthquakes struck in June.
However, six months after the US took control of the oil revenues, Venezuela's economic recovery has not yet shown significant progress. This situation raises questions about whether all the oil revenues have really been channeled back to the Venezuelan government.
The Trump administration also gave different statements about the funds. An official statement said the US was only acting as a “trustee” of the fund, but Trump had previously said the US was “taking a lot of money” from Venezuela’s oil revenues.
The situation has prompted members of Congress from both Republican and Democratic parties to demand more transparency about the management of the multi-billion dollar fund, including steps taken to prevent abuse and corruption.
So far, the official Venezuelan government website set up to monitor oil revenue flows has only recorded one transfer of funds totaling US$300 million in March.
Meanwhile, the United Nations (UN) has estimated the cost of damage from two earthquakes in Venezuela at US$37 billion, increasing pressure for the use of oil revenues to be made public.
