WASHINGTON, United States (AFP)—US President Donald Trump has signed an executive order protecting US-held money derived from sales of Venezuelan oil, after the ouster of Nicolas Maduro, the White House said.

In an order signed Friday, Trump — who has made clear that tapping Venezuela’s vast oil reserves was a key goal in the US ouster of Maduro — is acting “to advance US foreign policy objectives,” the White House said in a fact sheet accompanying the order.

The action follows a meeting Friday in Washington where Trump pressed top oil executives to invest in Venezuela, and was met with a cautious reception — with the chief executive of ExxonMobil describing the country as “uninvestable” without sweeping reforms.

ExxonMobil and ConocoPhillips exited in 2007 after refusing demands by then-president Hugo Chavez to cede majority control to the state. They have been fighting to recoup billions of dollars they say Venezuela owes them.

Chevron is currently the only US firm licensed to operate in Venezuela.

Trump’s executive order signed Friday declares a national emergency “to safeguard Venezuelan oil revenue held in U.S. Treasury accounts from attachment or judicial process,” the White House fact sheet said.

In effect, it places those revenues under special protection in order to prevent them from being seized by courts or creditors. The action is decreed to be necessary for US national security and foreign policy.

“President Trump is preventing the seizure of Venezuelan oil revenue that could undermine critical U.S. efforts to ensure economic and political stability in Venezuela,” the fact sheet said.

Sanctioned by Washington since 2019, Venezuela sits on about a fifth of the world’s oil reserves and was once a major crude supplier to the United States.

But it produced only around one percent of the world’s total crude output in 2024, according to OPEC, having been hampered by years of underinvestment, sanctions and embargoes.

Trump sees the country’s massive oil reserves as a windfall in his fight to further lower US domestic fuel prices.

The executive order comes one week after US forces seized authoritarian leader Maduro in a nighttime operation in the Venezuelan capital that killed dozens of Venezuelan and Cuban security forces.