Not exactly. It's the result of the collapse in world oil prices. 

With that came the collapse of Chavez' tenuous ruling coalition collapsed. Of course, he was dead before this happened and his successor lost the confidence of the petrol-production bureaucracy that had raised a relatively large portion of the poorer populace into the middle class.

Chavez put all of Venezuela's eggs in one basket. There were a lot of eggs in it for awhile.