Readers Digest version:
socialistic dictatorship with fake elections = absolute power = absolute corruption = absolute kleptocracy = killing all the golden geese that laid golden eggs = nothing remains for the peasants ...
And it was over 2 decades ago. Plenty of shit happened to, oh say US, Brazil, Hong Kong, most of Europe since then. Venezuela is a lesson that hasn’t been learned.
And, they had to buy from outside sources a certain percentage of light crude to mix with their Orinoco Heavy and make it able to flow in a pipe. Called diluent, iirc.
They never paid their bills when they took delivery of the light stuff.
And the cliff notes version of your condensed version;
COMMUNISM