high-priced oil allowed the ussr to support the struggling economies of the soviet bloc during the 1974–1981 petrodollar surge, and the loss of income during the 1980s oil glut contributed to the bloc's collapse in 1989. during the 2005–2014 petrodollar surge, opec member venezuela played a similar role supporting cuba and other regional allies, before the 2014–2017 oil downturn brought venezuela to its own economic crisis.