The United States has declared a national emergency to protect oil revenues derived from Venezuelan crude held in US-controlled accounts, following the ouster of former president Nicolas Maduro.
US President Donald Trump signed an executive order on Friday placing Venezuelan oil funds under special protection to prevent them from being seized by courts or creditors. The White House said the move was aimed at advancing US foreign policy objectives and safeguarding national security interests.
According to a fact sheet released alongside the order, the declaration is intended to “safeguard Venezuelan oil revenue held in U.S. Treasury accounts from attachment or judicial process,” effectively shielding the funds from legal claims.
The decision came after Trump met with top oil executives in Washington, where he urged them to consider investing in Venezuela. However, the proposal reportedly received a cautious response, with ExxonMobil’s chief executive describing the country as “uninvestable” without major political and economic reforms.
Major US oil firms such as ExxonMobil and ConocoPhillips exited Venezuela in 2007 after refusing demands by then-president Hugo Chavez to hand majority control of their operations to the state. Both companies have since sought to recover billions of dollars they claim Venezuela owes them. Currently, Chevron remains the only US oil company licensed to operate in the country.
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The White House said the emergency declaration was necessary to prevent actions that could undermine US efforts to promote economic and political stability in Venezuela.
Venezuela, which has been under US sanctions since 2019, possesses nearly 20 per cent of the world’s proven oil reserves. However, its crude production has sharply declined due to years of sanctions, underinvestment and infrastructure decay, accounting for only about one per cent of global output in 2024, according to OPEC.
Trump has repeatedly pointed to Venezuela’s vast oil reserves as a potential boost to global supply and a tool to help lower fuel prices in the United States.
The executive order comes barely a week after US forces reportedly captured Maduro in a nighttime operation in Caracas, an action that allegedly resulted in the deaths of dozens of Venezuelan and Cuban security personnel.