Venezuela’s discovery of oil at Lake Maracaibo in 1922 turned it into the world’s first petrostate, triggering economic transformation and early signs of the Dutch Disease. A landmark 50-50 profit-sharing deal empowered national control and helped launch OPEC, bringing temporary prosperity. But overreliance on oil led to volatility, mismanagement, and inequality, setting the stage for Hugo Chávez’s rise in 1999. After his nationalization wave, most foreign oil companies fled—except Chevron, which stayed through negotiations and sanctions. Today, Chevron remains a key player, producing a quarter of the country’s oil, while others see Venezuela as too risky. The crisis has driven millions to leave, including vital oil experts, deepening what analysts call a 'political resource curse'—where oil wealth fuels instability rather than progress.