Venezuela has the largest oil reserves of any country in the world. And it is importing crude oil!
Late President-for-life Hugo Chavez annulled the law of supply and demand and put politics into every decision. And his successor Hugo Maduro has continued - they removed the experts from the oil industry to replace them by political friends. They support the price of gasoline so it costs pennies. They propped up - and continue - Fidel Castro’s Communists Cuba with billions in oil and other South American socialist presidents.
Also: The government manipulates its currency trying to hide high inflation.
And now Venezuela is importing oil! And they rely on high oil prices to prop up their economy. $100 is a bit low for Venezuela. $75 clobbers them.
And a good read of the overall situation at Hot Air.