For Venezuela to be even a reliable safety valve, it has to deal with the problem that led money (CAPEX and development Capital) to flee the largest known oil reserves on the planet. It was Socialism and the government takeover of the industry there that ended the flow of the tools and expertise to continue to develop and maintain production of those reserves.
Oil companies, service companies, tool companies, could not get out of there fast enough.
More guarantees are needed before that spigot will open up, and before the oil drilling resumes there in a meaningful way. Not even today's prices (believed to be temporary) will entice that sort of risk.
The oil is there. But the Socialism is, too, and it will stop the oil from being produced in quantities large enough to offset the current problems in the Middle East.