President Donald Trump recently stated that the US and Venezuela are generating hundreds of billions of dollars in oil revenue. However, experts and available data suggest that this figure is greatly exaggerated.

Oil Revenue Estimates

A recent analysis by the Financial Times estimates that the US has collected around $13 billion in Venezuelan oil revenue since the US took control of Venezuela’s oil industry. This figure is significantly lower than Trump’s claim of hundreds of billions of dollars.

Phil Gunson, a senior analyst with the International Crisis Group, said that Trump’s estimate is ‘not remotely credible.’ Gunson noted that the actual figure is likely to be much lower, and it is unclear how much of the revenue is going to the US and how much is going to Venezuela.

The US Energy Department has stated that the oil revenue will be held in US government accounts and disbursed for the benefit of both the American and Venezuelan people. However, the exact amount of revenue generated and how it is being distributed remains unclear.

Transparency Concerns

Experts have raised concerns about the lack of transparency in Venezuela’s oil sales and revenue distribution. David Smilde, a senior associate at Tulane University’s Center for Inter-American Policy Research, described Trump’s figure as ‘not possible’ and said that the most recent credible estimate he has seen is the Financial Times’ $13 billion.

The lack of transparency in Venezuela’s oil industry has made it difficult to determine the exact amount of revenue generated and how it is being used. The Venezuelan government has not published a national budget in over a decade, and the country’s oil sales are being routed through unclear channels.

Original reporting: 40/29 / KHBS (NW Arkansas) — read the source article.