Bill of Lading to Budget: Following the Venezuelan Export Dollar from Cargo to Coupon

Following the Venezuelan export dollar through custody accounts, cost pools, in-kind settlements and a $19 concession take. Ten parts on the five channels and five valves between the barrel and the budget, the gap between Brent and realised value, the sovereign share under the reformed regime, custody under Executive Order 14373 and its undisclosed balance, a reconstruction showing roughly sixteen cents of each export dollar reaching the budget, eight cash-chain covenants, and debt-service capacity across the three standing scenarios.