Trump signs executive order to protect Venezuelan oil revenues held in US Banks
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| Trump Signs Executive Order to Protect Venezuelan Oil Revenues |
The White House announced on Saturday, January 10, that President Donald Trump signed an executive order aimed at protecting Venezuelan oil revenues held in U.S. Treasury accounts from "seizure or legal action."
The White House added in a statement, "President Trump is preventing the seizure of Venezuelan oil revenues that could undermine vital U.S. efforts to ensure economic and political stability in Venezuela."
On Friday, U.S. President Donald Trump met with oil executives at the White House to discuss investment plans in Venezuela, saying he wanted them to invest $100 billion to overhaul the country's ailing energy sector and significantly expand its production.
The meeting came less than a week after the United States ousted Venezuelan President Nicolás Maduro.
Venezuela has the world's largest proven crude oil reserves, at 303 billion barrels, or 17% of the global total, according to the U.S. Energy Information Administration.
However, Venezuela's oil sector is in sharp decline. Production has plummeted from a peak of around 3.5 million barrels per day in the 1990s to just over 800,000 barrels per day today, according to data from energy consultancy Kepler.
Rystad Energy estimates that getting Venezuelan production back up to 3 million barrels per day will cost more than $180 billion by 2040.