Some random facts. As objective as I can off the top of my head.
!n 1998, the petroleum industry was producing close to 3 million barrels a day, and a large proportion of that was sold to the USA.
In 2010, that had shrunk to 1 million.
While we do have the largest reserves in the world, much of that oil is what's called "heavy" oil. The standard measure is called an API (American Petroleum Institute) gravity. To give you an idea, Saudi oil is between 27-37 API (ie. light crude); Brent (North Sea) is 38 API; Iranian 30 API; Texas 31 API; and the huge reserves in Venezuela, 4-12 API. To get the oil out of the ground, you have to use high pressure boiling water, injected to about 1km below ground. In other words, it's expensive to pump and is only worth it if the world price is above $100 a barrel.
Inflation in Venezuela has always ( at least since I've been here) been high. Inefficient governments, unfortunately, from the left, the centre and the right. Totally hopeless. However, since 2010, we've had hyperinflation. In 2018, it hit 800,000%. We've also had arbitrary price controls, expropriation (ie. nationalisation) of key industries and a general persecution of private industry. The current minimum wage and pension is worth $0,30 a month.
Over 8 million Venezuelans have fled the country, in search of better opportunities or because of political persecution. There are currently about 1,000 political prisoners.
There was a general strike in 2002, which resulted in 18,000 petroleum industry employees being sacked, without compensation. There were violent street protests in the country almost every year from 2002 onwards, usually resulting in many fatalities and protesters bombed with tear gas, rubber bullets and live ammunition. The National Guard and the Bolivarian police are usually the main perpetrators.
Despite all the negativity, we've got gold, nickel, diamonds, petrol, natural gas, cane sugar, coffee, chocolate, over 1,000 kms of pristine tropical beaches, tepuys (you'll have to look that up), Amazon jungle, wonderful plains, mountains (especially the Andes) and the world's highest waterfall.
