This is a true fact, however you forgot one variable which is affecting less (or maybe none) in New Mexico: Corruption.

Venezuela became a gangster state, the amount of money stolen is unimaginable. Think about the production of oil around 2008-2012 or so… the barrel price hit the 100s and producing at a still high capacity. None if this money was properly invested in the country.

Also Venezuela got into more debt with China in a loan-for-oil style of debt. There might be a big chunk of the daily production of oil just destined to pay that back.

Just to give you another last hint of the massive corruption: since Chavez, the government decided to give subsidised oil to Cuba for “humanitarian” reasons. But there were reports that Cuba was re-selling that oil in conjunction with some Venezuelan politicians as well. Free money!

So yeah, the money that should have been invested properly for a normal market, has been destined to corruption.