Author: La Tabla Data Journalism Platform. 18 AUG 2026
A total of 227 million barrels of Venezuelan crude oil, valued at $16.57 billion in revenue, have been sold between January and July 2026 under the direct overseight of the Office of Foreign Assets Control (OFAC) from the U.S. Department of the Treasury. This was reported on Tuesday by former Oil Minister Rafael Ramírez on his social media account X, where he revealed that the funds are being held in accounts at the Federal Reserve and other U.S. banks, preventing the state-owned Petróleos de Venezuela (PDVSA) from accessing them to address the country’s needs.
According to Ramírez, only in July did 35.6 million barrels get sold, while the total for the first half of the year and July reached 222.7 million barrels extracted from the national subsurface. The destination of this production shows an almost exclusive orientation towards the U.S. market, which absorbs 70% of the sales, followed by India with 16%, Europe with 13%, and other regions with just 1%. Ramírez emphasized that, contrary to previous statements, not a single barrel of crude has been sent to Cuba.
The control over commercial operations currently lies solely with transnational companies authorized by the OFAC, which is clear evidence of the dismantling of PDVSA’s operational capacity. According to the cited percentages, the U.S. company Chevron accounts for 25% of shipments, while trading houses Trafigura and Vitol make up 27% and 19%, respectively. The remaining 29% belongs to other firms authorized by the U.S. agency. Ramírez highlighted that PDVSA has completely ceased its role as a direct exporter, delegating sales to these foreign companies designated by the OFAC, which effectively governs the Venezuelan oil sector.
The former minister characterized this situation as a “clear evidence of loss of sovereignty,” noting that the country’s main income remains under the control of a foreign power. “This is money from all Venezuelans and is in the hands of a foreign power,” he asserted in his statement. The flow of currency, which under normal circumstances would have propelled the national budget and social spending, is now frozen in a fund managed by the White House. Ramírez warned that even if the current government is replaced, the economic and financial domination structures imposed by North American imperialism on the oil sector will remain intact, leaving the country subjected to external control mechanisms that compromise its economic independence.
The data provided by Ramírez, who held the Oil portfolio for over a decade, paints a critcal picture of the industry: the production and marketing of crude oil, historically the backbone of the Venezuelan economy, is now subordinated to the directives of the OFAC. While the resources generated by these sales remain immobilized in the U.S. financial system, the nation faces a tangible loss of control over its main asset, creating a scenario of financial tutelage that, according to the former minister, marks the end of the country’s oil autonomy. The state-run PDVSA no longer exports oil, and the influx of currency is left at the mercy of unilateral decisions from Washington.
It is worth noting that Ramírez faces serious corruption allegations during his time in charge of the oil industry. The former Attorney General of the Republic, Tarek William Saab, stated that Ramírez is involved in at least seven corruption plots within PDVSA or its subsidiaries and has requested his extradition from Italy to answer before justice.