President Trump signs executive order to protect Venezuelan oil revenue held in US accounts

Washington (Web Desk): President Donald Trump has signed an executive order aimed at protecting money earned from Venezuelan oil that is held in US accounts, the White House confirmed.

The order, signed on Friday, is part of Trump’s ongoing effort to leverage Venezuela’s oil reserves as a key component of US foreign policy following tensions with President Nicolás Maduro’s government

According to a fact sheet released alongside the order, Trump’s action is designed to “advance US foreign policy objectives” by placing Venezuelan oil revenues under special protection, shielding them from seizure by courts or creditors.

This move comes in the wake of a White House meeting earlier that day, where the president urged top executives from American oil companies to invest in Venezuela. Reactions were cautious, with ExxonMobil’s CEO describing the country as “uninvestable” without major reforms.

ExxonMobil and ConocoPhillips had withdrawn from Venezuela in 2007 after refusing demands from then-President Hugo Chavez to give the state majority control over their operations.

Both companies have been attempting to recover billions of dollars they claim the Venezuelan government owes them. At present, Chevron remains the only US firm licensed to operate in Venezuela.

The executive order declares a national emergency, explicitly aiming to “safeguard Venezuelan oil revenue held in US Treasury accounts from attachment or judicial process.”

By placing these funds under special legal protection, the order prevents any court or creditor from seizing them, framing the action as essential to U.S. national security and foreign policy interests.

The White House emphasized that the measure will help prevent disruption of critical US efforts to maintain economic and political stability in Venezuela.

Venezuela, which has been under US sanctions since 2019, holds roughly one-fifth of the world’s oil reserves but produced only about 1% of global crude in 2024 due to sanctions, embargoes, and chronic underinvestment, according to OPEC data.

For Trump, the country’s vast oil wealth represents an opportunity to further lower fuel prices domestically.

This executive order comes just one week after a highly publicized U.S. operation in Venezuela, during which Maduro’s regime faced intensified pressure.

The White House insists the measure is crucial for ensuring that Venezuelan oil revenues are protected and used in ways consistent with US strategic interests.