In a decisive move to solidify American control over the world’s largest crude reserves, President Donald Trump signed an executive order on Friday declaring a national emergency to shield all Venezuelan oil revenues held in U.S. Treasury accounts.
The order effectively places billions of dollars in “Foreign Government Deposit Funds” under a total legal blockade, preventing creditors or courts from seizing the assets to settle old debts.
The White House framed the emergency declaration as a matter of “U.S. national security and foreign policy,” arguing that the funds are sovereign property that must be preserved to stabilize the nation following the recent ouster of the Maduro regime.
The aggressive legal maneuver comes on the heels of a high-stakes meeting between the President and top energy executives. While Trump urged leaders from ExxonMobil, Chevron, and ConocoPhillips to aggressively invest in rebuilding Venezuela’s dilapidated energy infrastructure, he was met with significant corporate hesitation.
ExxonMobil’s chief executive reportedly described the country as “uninvestable” in its current state, citing the need for sweeping regulatory reforms and safety guarantees. Both Exxon and ConocoPhillips have long-standing grievances with Caracas, having lost billions when their assets were seized under the Hugo Chávez administration in 2007.
Despite the President’s vision of a “windfall” that could lower domestic fuel prices, industry experts warn that the road to recovery is steep. Venezuela, which holds nearly 20% of global oil reserves, saw its production crater to just 1% of the world’s output in 2024 due to decades of corruption and underinvestment.
This executive action is the latest escalation in a whirlwind week for the region. Just seven days ago, U.S. special operations forces conducted Operation Absolute Resolve, a nighttime raid in Caracas that resulted in the capture of Nicolás Maduro.
“President Trump is preventing the seizure of Venezuelan oil revenue that could undermine critical U.S. efforts to ensure economic and political stability,” the White House stated in an official fact sheet.
For now, Chevron remains the only U.S. major with an active license to operate in the country. However, the Trump administration has made it clear that the ultimate goal is a total revitalization of the sector—under American guidance—to transform the “broken infrastructure” into a profitable engine for both nations.
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