Trump signs order to protect US-held Venezuelan oil revenue after Maduro ouster
US President Donald Trump signed an executive order Friday protecting American-held money from Venezuelan oil sales, following the ouster of Nicolas Maduro. The order declares a national emergency to safeguard Venezuelan oil revenue in U.S. Treasury accounts from seizure by courts or creditors, which the White House says is critical to US efforts ensuring Venezuela's economic and political stability.
The action follows Trump's Friday meeting with top oil executives where he pushed for Venezuela investment, but ExxonMobil's CEO called the country "uninvestable" without sweeping reforms. ExxonMobil and ConocoPhillips left in 2007 after refusing Hugo Chavez's demands for majority state control and are still fighting to recoup billions they say Venezuela owes. Only Chevron currently operates in Venezuela under US license.
Trump sees Venezuela's reserves—which hold about one-fifth of global oil supply—as key to lowering US fuel prices. However, the country produced just 1% of world crude output in 2024 due to years of sanctions and underinvestment. The executive order comes one week after US forces captured authoritarian leader Maduro in Caracas, an operation that killed dozens of Venezuelan and Cuban security personnel.