President Trump declared a national emergency to shield Venezuelan oil revenue held by the U.S. government from seizure by private creditors, framing it as critical to U.S. national security and regional stability.
The big picture: Control of Venezuelan oil — some $2.5 billion worth — is now a cornerstone of the White House's strategy in the Western Hemisphere and an opening for U.S. companies in the wake of Nicolás Maduro's capture.
- U.S. oil giants fell short of committing rapid investment in the South American country during a meeting with Trump on Friday, but senior officials earlier told Axios the U.S. plans to manage Venezuelan oil sales and revenue "indefinitely."
State of play: Trump said in the recent order, signed late Friday, that losing control of Venezuelan oil revenue would "materially harm the national security and foreign policy of the United States" by undermining efforts to stabilize Venezuela.
- The White House links that stability to "ending the dangerous influx of illegal immigrants and the flood of illicit narcotics" and to countering "malign actors such as Iran and Hezbollah."
- The order defines "Foreign Government Deposit Funds" as Venezuelan government funds in designated Treasury accounts that come from the sale of natural resources or diluents.
- Any "attachment, judgment, decree, lien, execution, garnishment, or other judicial process" against those funds is "prohibited, and shall be deemed null and void," unless specifically licensed, Trump said in the order.
The president said on Truth Social on Saturday, though without providing specifics: "I love the Venezuelan people, and am already making Venezuela rich and safe again."
Go deeper: Trump's (oil) abundance strategy
