The correlation isn’t all that clear. Norway is rich but very frugal with the earnings. And living standard isn’t differing so much between Norway and Denmark, Finland, Sweden (neither of which has oil). The difference that stands out is the National debts of these countries.

Like Venezuela, for instance?

You can't deny that Norway adopted a peculiar way of managing its good fortune, IMHO far better that what you can find in Russia, Venezuela, Saudi Arabia, etc. It's the only “oil” state I know to be so good at it.

This perspective completely misses the politics and history of these countries.

Colonialism, interference from external powers, exploitative capitalism, being caught in the middle of the 'great game' can all derail any natural resource wealth like in Venezuela.

Saudi Arabia is a very unique history and continues to exist as a feudal regressive regime with global support and approval while Saddam, Gaddafi and Assad who would be Mother Teresa in comparison to the Saudis in terms of women's rights and religious freedom get the full 'human rights demonization treatment' with their countries and people in tatters.

50 years later people may well wonder why these countries are so 'backward' with no context of what happened to them. Russia is nearly an entire continent with a dramatic history and is unique in nearly every way.

One might have expected Russia, at least, to have the sort of history of sophisticated socialism that would prepare a nation to wisely distribute the spoils of petroleum exploitation...

It's still the black gold that makes Norway's peculiar style of socialism work.