Venezuela doesn't have a large manufacturing base. It sells oil for dollars, and takes the dollars and buys manufactured stuff with it and imports it. What factories they have are still dependent upon foreign raw material inputs.
They have been experiencing a shortage of foreign exchange currency, caused by their oil output going down, because their state oil company is a corrupt extravagant money waster and can't even maintain their output, let alone increase it.
This was even at $100 oil. They possibly could have fixed their problems before, because they were all internal, but now at $60 oil, its lights out, and there is nothing they can do.
Socialists need manufactured products?
Venezuelan oil is s*** oil too. When oil is $60/barrel on average, you’re going to want to pay a LOT less for it to run that stuff through your refinery.
I have a small crude oil collection and Oriente from Venezuela is visually apparent to be crappy, poorly filtered oil on arrival from the source.