Donald Trump signs executive order safeguarding Venezuelan oil revenue stored in US accounts

Key Highlights

• The order comes amid caution from top oil company executives that the tumult and instability in Venezuela could make the country less attractive for private investment and rebuilding.
• “If we look at the commercial constructs and frameworks in place today in Venezuela, today it's uninvestable,” said Darren Woods, CEO of ExxonMobil, the largest US oil company, during a meeting convened by Trump with oil executives on Friday.
• During the session, Trump tried to assuage the concerns of the oil companies and said the executives would be dealing directly with the US, rather than the Venezuelan government.
• Venezuela has a history of state asset seizures, ongoing US sanctions and decades of political uncertainty.
• Getting US oil companies to invest in Venezuela and help rebuild the country's infrastructure is a top priority of the Trump administration after the dramatic capture of now-deposed leader Nicolas Maduro.