Somewhat correct. Many countries are heavily dependent on oil and do just fine, Venezuela is truly the exception here. Venezuela has the highest oil reserves in the world and should be rich. The oil industry is unprofitable and has been shrinking for the past 15 years. Due entirely to Chavez firing almost the entire workforce in 2002, including all the research staff who knew anything about the oil industry. To offset the falling price of oil, the govt have been printing bolivars like crazy to continue their insane levels of spending, with the result the currency has lost 99.9% of it's value and is essentially worthless. Their answer to inflation is price fixing, with the result their are no produce on the shelves.
It's simply the case of one socialist buffoon being replaced by a worse one.