Venezuela's oil industry remains shrouded in secrecy despite Trump administration pledges to enforce accountability. U.S. officials claimed auditors would track sales from PDVSA, the state oil company, while President Trump vowed to control exports. Yet, decades of graft have left the sector riddled with opaque transactions, complicating efforts to trace billions in revenues.

Delcy Rodríguez, Venezuela’s new leader, faces steep challenges in dismantling systems entrenched under Maduro. Her predecessor as economy minister failed to curb corruption, where officials like Carlos Malpica—Maduro’s nephew—siphoned oil profits through shell companies. Malpica’s firms exported $11 billion in oil (half of Venezuela’s 2021-2022 revenues) without state compensation, violating laws granting PDVSA sole control over oil wealth.

Malpica’s ties to PDVSA persist even after sanctions and U.S. control of exports. Sources say he still profits via oil field operations and local shipping contracts, undermining Trump’s narrative of a clean break. The Trump administration declined to comment, while Venezuela’s government offered vague assurances, citing audits by KPMG and an unnamed firm with delayed reports.

The saga highlights systemic issues in Venezuela’s oil sector, where loyalty networks and financial opacity persist. Malpica’s case exemplifies how Maduro-era cronyism endures, complicating U.S. efforts to legitimize investments. Without transparency, analysts warn, foreign firms may hesitate to engage despite $100 billion in potential U.S. capital.