Washington, D.C., 11 January (H.S.): United States President Donald Trump signed an executive order on Friday to safeguard revenues from Venezuelan oil held in U.S. Treasury accounts, shielding them from judicial seizures or creditor claims in the wake of Nicolas Maduro's ouster.

The White House framed the measure as essential for advancing U.S. foreign policy objectives and national security, emphasizing its role in stabilizing Venezuela's economy and politics after a U.S.-led nighttime operation last week that captured Maduro and resulted in dozens of Venezuelan and Cuban security force casualties.

The order declares a national emergency to protect these funds, which stem from sanctioned oil sales, preventing any attachment through legal processes.

Trump, who has long eyed Venezuela's vast reserves—comprising about one-fifth of global proven oil deposits—as a strategic asset to lower domestic fuel prices, met with top oil executives in Washington on Friday.

Their response remained cautious; ExxonMobil's CEO labeled the nation uninvestable absent comprehensive reforms, recalling how ExxonMobil and ConocoPhillips withdrew in 2007 amid Hugo Chávez's demands for state majority control, leaving billions in disputed claims.

Chevron remains the sole U.S. firm licensed to operate there, underscoring the industry's wariness despite production woes that reduced Venezuela's output to one percent of global crude in 2024, per OPEC data, due to chronic underinvestment, U.S. sanctions since 2019, and mismanagement.

This executive action follows Trump's explicit goal of harnessing Venezuelan oil post-intervention, positioning the U.S. to bolster energy security while navigating creditor battles and reconstruction challenges in the oil-rich South American country.

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Hindusthan Samachar / Jun Sarkar