In a significant move, President Trump has declared a national emergency aimed at safeguarding Venezuelan oil revenue held by the U.S. government from potential seizure by private creditors. This declaration is framed as essential for both U.S. national security and the stability of the region.
The control of Venezuelan oil, estimated to be worth around $2.5 billion, has become a cornerstone of the White House's strategy in the Western Hemisphere. This strategic focus presents new opportunities for U.S. companies following the controversial capture of power by Nicolás Maduro. During a recent meeting with Trump, key U.S. oil giants expressed hesitation in committing to rapid investments in Venezuela, despite the government's plans to manage Venezuelan oil sales and revenue indefinitely.
In the order signed late Friday, President Trump emphasized that losing control over Venezuelan oil revenue would significantly undermine U.S. national security and foreign policy. The administration believes that stabilizing Venezuela is crucial to addressing the ongoing crises of illegal immigration and the influx of illicit narcotics, while also countering the influence of malign actors such as Iran and Hezbollah.
The executive order specifically defines Foreign Government Deposit Funds as Venezuelan government funds located in designated Treasury accounts, derived from the sale of natural resources or diluents. Under this order, any form of legal action—such as attachment, judgment, decree, lien, execution, or garnishment—against these funds is strictly prohibited and deemed null and void, unless explicitly licensed.
On Saturday, President Trump expressed his affection for the Venezuelan people through a post on Truth Social, stating, “I love the Venezuelan people, and am already making Venezuela rich and safe again.” Although he did not provide specific details, his statements indicate a commitment to improving conditions in Venezuela as part of his broader strategy.
As the situation evolves, Trump's oil abundance strategy could play a pivotal role in shaping U.S.-Venezuelan relations and regional dynamics. The administration's ongoing efforts to manage Venezuelan oil revenue underscore the significance of this resource not just for the country itself, but also for U.S. interests in the region.