President Donald Trump signed an executive order intended to protect revenue from Venezuelan oil that the United States is holding from being used in U.S. judicial proceedings, according to the Associated Press. The order was made public Saturday as Trump met with oil executives the day before in Florida.
In the executive order, Trump said that if the funds were seized for judicial use, it could “undermine critical U.S. efforts to ensure economic and political stability in Venezuela.” The order also states that the oil revenue is property of Venezuela that the United States holds for “governmental and diplomatic purposes” and that it is not subject to private claims.
The AP reported that the order relies on the National Emergencies Act and the International Emergency Economic Powers Act. Trump wrote in the order that the possibility of the oil revenues being caught up in judicial proceedings constitutes an “unusual and extraordinary threat” to the United States.
The legal rationale and timing come amid concern from top oil company executives about Venezuela’s outlook for investment. AP said the executives cautioned that the turmoil and instability in Venezuela could make the country less attractive for private investment and rebuilding.
During a meeting convened by Trump with oil executives on Friday, AP reported that Trump sought to address those concerns by telling the executives they would be dealing directly with the U.S. rather than with the Venezuelan government. The AP said Trump was in southern Florida at the time.
ExxonMobil Chief Executive Darren Woods, AP reported, said in that meeting that current conditions in Venezuela leave companies with little reason to invest. “If we look at the commercial constructs and frameworks in place today in Venezuela, today it’s uninvestable,” Woods said, according to the report.
AP said the White House is framing the effort in economic terms, including after the capture of now-deposed leader Nicolás Maduro. The report also said Trump has seized tankers carrying Venezuelan oil and that the U.S. is taking over sales of 30 million to 50 million barrels of previously sanctioned Venezuelan crude.
The AP further reported that Trump plans to control those sales worldwide indefinitely. Separately, AP said Trump posted on his social media site Saturday that he “love[s] the Venezuelan people” and is “already making Venezuela rich and safe again.”
The AP said Venezuela has faced a history of state asset seizures, ongoing U.S. sanctions, and decades of political uncertainty—factors that have shaped the risk assessments of companies weighing investment in the country’s oil sector and broader rebuilding efforts.