I believe the problem here, more than oil prices, is mismanagement of an epic proportion. In Venezuela way too many things are either free or subsidized. You get free college for kids arriving on fancy SUVs, public hospital infrastucture rotting away and the never ending public servant attitude of not showing to work, arriving late, stealing stuff, etc. Extremely cheap gasoline, and the list goes on and on.

At the current prices, countries like Saudi Arabia and Venezuela can still turn a profit on their production, as opposed to the UK with their deposits on the North Sea or the US/Canada with shale oil.

But of course, there is always the question of who created Maduro, and Chavez is fully responsible for that disaster.