Trump Seeks to Prevent Courts from Taking Venezuelan Oil Funds in U.S

• The order protects Venezuelan oil revenue in U.S. custody from private claims by companies like Exxon Mobil and ConocoPhillips, which are owed billions after their assets were nationalized nearly 20 years ago
• A U.S. agreement with Venezuela's interim leaders would provide up to 50 million barrels of crude oil to American refineries specially equipped to process it
• Trump signed the order the same day he met with executives from Exxon, ConocoPhillips, Chevron and other oil companies to encourage $100 billion in investments in Venezuela's oil industry

Summary: Trump Seeks to Prevent Courts from Taking Venezuelan Oil Funds in U.S.

Key Development:

President Donald Trump signed an executive order on Friday, January 10, blocking courts and creditors from seizing Venezuelan oil revenue held in U.S. Treasury accounts. The action follows the recent U.S. capture of Venezuelan leader Nicolas Maduro less than a week earlier.

Legal Framework:

The emergency order designates the funds as sovereign Venezuelan property held for governmental and diplomatic purposes, making them exempt from private claims. Trump invoked the 1977 International Emergency Economic Powers Act and 1976 National Emergencies Act as legal justification.

Companies Affected:

Several major oil companies have outstanding claims against Venezuela:

• Exxon Mobil and ConocoPhillips departed Venezuela nearly 20 years ago following asset seizures and are collectively owed billions of dollars
• Chevron was also mentioned among companies Trump met with regarding Venezuelan investment

Strategic Implications:

The White House stated the funds should support "peace, prosperity and stability" in Venezuela. A U.S. agreement with Venezuela's interim leaders would provide up to 50 million barrels of crude oil to American refineries specially equipped to process Venezuelan heavy crude.

Trump signed the order the same day he met with Exxon, ConocoPhillips, Chevron, and other oil executives to encourage $100 billion in investments in Venezuela's oil industry.

Market Context:

Separately, commodities trader Vitol is expected to load the first naphtha cargo from the U.S. to Venezuela this weekend under the new supply agreement, signaling immediate implementation of the renewed energy relationship.