President Trump on Friday confirmed the United States has struck a deal with Venezuela to control more than 65 billion barrels of Venezuelan oil. Trump said on Truth Social the agreement would more than double U.S. oil reserves and “substantially lower Gas Prices for all Americans” amid the U.S.-Israeli war on Iran and the closure of the Strait of Hormuz. On Saturday, Venezuela’s interim President Delcy Rodríguez hailed the deal as an economic revival for Venezuela.

President Delcy Rodríguez: “One thing must remain absolutely clear: Venezuela retains ownership and sovereignty over its resources, while utilizing capital, technology and operational capacity to support the recovery of a strategic industry that has been severely affected by sanctions.”

But many economists warn Venezuelans won’t actually see significant benefits from the agreement. The deal also sparked widespread condemnation of the U.S. takeover of Venezuela’s oil reserves after the abduction of former President Nicolás Maduro and first lady Cilia Flores in January. Senator Chris Van Hollen said, “This is proof Trump put our service members at risk to get Venezuelan oil for his billionaire buddies. Putting our soldiers’ lives on the line for private profit is a gross dereliction of his constitutional duty.”