A century of Venezuelan oil production tells a stark story. Venezuela once dominated global energy markets, outpacing even Saudi Arabia as the world's largest oil exporter. Then came the economic turning point in 1999. What followed was a dramatic collapse that reshaped the entire industry landscape. The trajectory shift serves as a critical case study for how policy decisions ripple through commodity markets and asset valuations. When state-driven economic models encounter resource-dependent industries, the outcomes often defy predictions. Today, this historical parallel remains relevant for understanding broader market cycles and the delicate balance between governance and production efficiency. The data speaks clearly: institutional frameworks shape long-term economic outcomes in ways that raw resources alone cannot overcome.