Not really. Venezuela had plenty of refining capacity to meet domestic needs. Then came Hugo Chavez, nationalizing all the joint ventures with PdVSA. Then all employees were to pledge absolute loyalty to Chavez. Anyone perceived in the slightest not showing absolute loyalty was fired. Thus they lost nearly all of their qualified engineers, technicians, and operators. All that was left were incompetent sycophants. And now all the refineries are just about wrecked, including one I worked on 21 years ago.
Before Chavez, Venezuela was the richest per capita nation in South America.
Ain't Communism Just Grand?
</sarcasm>