Originally Posted by
Alteiry
Venezuela is in the unfortunate position of having its economy tied to the status of the Middle-East. Venezuela's oil is abundant, but it's also shitty oil sand that requires a lot of effort to extract, unlike Middle-Eastern oil which can just be pumped out of the ground. If the Middle-East is on bad terms with the US, like during the 1970s, early 1990s, 2000s and 2010s, the US can't buy cheap oil from them, so they buy from Venezuela instead, which causes Venezuela's economy to skyrocket. But then when the Middle-East and the US make up, the US stops buying Venezuelan oil, causing their economy to plummet.
This has nothing to do with which ideology rules in Venezuela, and everything to do with them having a lot of shitty oil that has to compete with a lot of good oil from the Middle-East.