Uhhhh, no actually.
Chavez nationalized most of Venezuela’s oil production decades ago, and arguably that wasn’t a halfway bad idea. His government spent those oil profits extensively on education, welfare and healthcare — and Venezuelans rapidly became the best educated society in Latin America with some of the highest standards of living.
Chavez and his cronies also pocketed quite a large share of PDVSA’s oil revenue, but that wasn’t really much of a problem while he was alive because that overall revenue was large enough that nobody either noticed or cared.
The US government was moderately annoyed with Chavez (since he’d technically appropriated American assets, and’d bailed on our decades old defense relationship), and they tried to assassinate him a few times, but after one particularly spectacular failure, the Bush administration slapped CIA on the wrist and said “bad, no more.” Lol, CIA was slapped with so many restrictions that they straight-up were not allowed to do anything “fun” until the 2020s.
But, and this is well after the US government’s formal policy towards Venezuela became “simply do not engage with them”, the Venezuelan government under Chavez neglected to both create a rainy day fund, and to purchase the spare components necessary to maintain PDVSA’s oil infrastructure. Their fields ‘started’ falling into disrepair (with output beginning to dip), but since oil prices were still high, Chavez didn’t feel inclined to fix that particular problem.
After he died though, and bequeathed his office to Maduro (who, speaking plainly, is nowhere near as smart as Chavez was), oil prices collapsed. Because the Venezuelan government hadn’t taken any prophylactic steps to shore up PDVSA’s infrastructure, when their oil revenue cratered, they didn’t have the money to purchase the equipment and spare components necessary to produce more oil (i.e. how petrol states usually offset a drop in prices). That sent Venezuela’s economy into a tailspin, since without that revenue, they couldn’t afford to sustain their welfare state, healthcare and schools (this is what triggered that massive refugee crisis in the 2010s).
All that was bad enough, but Maduro and his cronies continued pilfering away the gradually decreasing amount of oil revenue at the same levels they were when the Venezuelan economy wasn’t complete dogshit.