[natecham]

I this article did a good job of summarizing the collapse (from the formation of OPEC in the early 60's to the present) https://foreignpolicy.com/2018/07/16/how-venezuela-struck-it...

Essentially they believed the oil price surge of the 70s would continue and failed the diversify the economy. This allowed Chavez to come along and take over in the late 90's on a socialist platform with promises to restore the economy. Chavez ignorant to production of oil and fighting to stay in power, gutted the state run PDVSA and severely inhibited production by diverting profits to fund his social programs. Eventually production and profits dipped, with the government deciding to print more money to keep social programs running.