That is certainly true. But they have a more immediate problem. They can't get the crude out of the ground at a sufficient rate.
Their oil extraction rate has been declining and it's not related to lack of reserves. It's lack of functioning rigs, trained personnel and investment.
A classical socialist symptom.
If anyone wants to know the best reason for vast spending on alternative energies, one need only look at the anti-American dictatorships that exist only because of the massive amount of cash generated by the world’s dependence on oil. Even if we increase our own production, there is just too much money in black gold, and too much of it is in areas culturally incompatible with democracy.
Bingo...we have Hugo over a barrel so to speak. The majority of heavy crude refining capacity is done in the US. Even if Hugo wanted to cut us off, he would find no market for his oil. Right now Iran is experiecing exactly the same thing. They have declining production, a lot of what they produce is heavy crude, and demand for it as well as refining capacity is not there. Hugo is leitrally strangling his golden egg laying goose. Mexico is the same. Without foreign investment and expertise, their fields will dry up.