Trump declares ‘emergency’ to protect Venezuelan oil funds held by US

The president said the US wants control over Caracas’ petroleum production and trade

US President Donald Trump has signed an executive order blocking courts and creditors from laying claim to Venezuelan oil sales revenue held in US Treasury accounts.

The White House said on Friday that the move constitutes a “national emergency” aimed at preserving the funds to “advance US foreign policy objectives” in the region.

Trump said US companies would gain access to oil production in Venezuela, whose president, Nicolas Maduro, was abducted along with his wife during a US commando raid on a compound in Caracas last week. Venezuela condemned the operation as a gross violation of its sovereignty.

The order “blocks any attachment, judgment, decree, lien, execution, garnishment, or other judicial process” against Venezuelan oil and diluent sales revenue held by the Treasury, the White House said. It added that losing control over the funds would “empower malign actors like Iran and Hezbollah” and “directly jeopardize US objectives.”

Trump, who met with US oil executives on Friday, said the companies would invest at least $100 billion in Venezuela’s oil production. US Energy Secretary Chris Wright said earlier that Washington plans to sell Venezuelan oil “indefinitely.”

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Exxon CEO Darren Woods said, however, that socialist-run Venezuela was “uninvestable” without comprehensive reforms in its energy sector.

US oil companies have longstanding claims dating back to the 2000s nationalization of oil production under Maduro’s predecessor, Hugo Chavez. Trump cited the “unfair” nationalization as one of the reasons behind the raid against Maduro.

Delcy Rodriguez, a close Maduro ally sworn in as acting president in his absence, said the oil-rich country was open to “beneficial” projects with any nation, including the US. Venezuelan officials said, however, that they would not allow the US to “steal” its resources.