US President Donald Trump signs an emergency order to protect Venezuelan oil revenue held in US accounts from seizure by courts or creditors
WASHINGTON: US President Donald Trump has signed an executive order to protect US-held revenue from Venezuelan oil sales.
The White House said the order, signed on Friday, aims to safeguard these funds from being seized by courts or creditors.
It declared a national emergency to advance US foreign policy objectives and ensure economic stability in Venezuela.
The action follows a meeting where Trump pressed US oil executives to invest in Venezuela’s vast reserves.
ExxonMobil CEO Darren Woods described the country as “uninvestable” without major reforms during that discussion.
ExxonMobil and ConocoPhillips left Venezuela in 2007 after refusing state demands for majority control.
Both companies have since sought billions in compensation for assets they say were seized.
Chevron remains the only US firm currently licensed to operate there under existing sanctions.
Venezuela holds about one-fifth of the world’s oil reserves but now produces only around 1% of global output.
Years of underinvestment and international sanctions have crippled its production capacity.
Trump views accessing these reserves as key to his goal of lowering US domestic fuel prices.
The executive order comes one week after a US military operation captured former leader Nicolas Maduro.
That nighttime raid in Caracas resulted in dozens of casualties among Venezuelan and Cuban security forces.
Washington has sanctioned Venezuela’s oil sector since 2019, cutting off a once-major crude supplier.
