The data you linked doesn't show that. If I were on my computer, I would download crude oil prices/US shale oil extraction data and look for correlations.
My intuition seeing this is that the lack of openness of Venezuelian economy made it impossible to recover from the crude oil price drop circa 2014, because of a lack of access to capital and new tech (and probably corruption). Also, if you want to nationalizes, you better have a plan like Norway had, and Venezuela didn't. If your goal is only profit, better let a private company take care of it, that's the thing they're good for.
From what I understand the root cause is racism and classism.
Venezuela was in a deep economic crisis for a very long time before Chavez was elected. The then ruling elite were pretty happy living in a bubble, extracting oil, selling to the west, embezzling the proceeds and ignoring most of the population.
The reason I say, the root cause is racism and classism, is because they totally underestimated the power of the people to overthrow their corrupt regime.
You clearly don't know anything about the history of the country. It was never about classism or racism, venezuelans are racially diverse with lots of mix between the original indigenous inhabitants, colonial europeans, african slaves and then the second wave of european immigrants after the WWII.
> The reason I say, the root cause is racism and classism, is because they totally underestimated the power of the people to overthrow their corrupt regime.
There was no 'regime', there was a democracy with corruption problems but that was still functional. Nor it was 'overthrown', a populist was elected due to disenchantment and the populist dismantle the state institutions and turn it into an oligarchy ran by his circle.
> There was no 'regime', there was a democracy with corruption problems
OK.
> but that was still functional
Clearly not, because Chavez was elected despite having attempted a coup d'etat previously.
Clearly not, because the coup d'etat against Chavez failed because the population was overwhelming supporting him.
> populist dismantle the state institutions and turn it into an oligarchy ran by his circle
Which was necessary because previously it was an oligarchy ran by an opposing circle, which lost favor with the people.
> It was never about classism or racism
It's classism, partly fueled by racism, which causes the ruling elite in Latin America to have such disdain for the rest of the population, that they believe they can take control of the country and govern it as if they were some kind of aristocracy, and completely ignore those beneath them, because they aren't of the right class, are not white enough, and don't have enough wealth, to be taken into consideration.