This situation will certainly contribute to a significant shortfall in global oil production. Prices will be higher as time goes by.
But one thing Venezuela failed to do during the Chavez years was to save. Norway has been able to save a trillion dollars, and has ample reserves to run it’s economy.
If you are a natural resource rich country, or a mono product economy, as you try hard and smart to diversify, also try to save.
Venezuela wants to begin refining oil abroad. Well, that’s an opportunity to create a global oil business.