Venezuela’s oil reserves are the last that should ever be pumped out of the ground in the world. It is thick sludge like bitumen, full of heavy metals and hard to extract and process because it has lots of Sulphur, so it’s corrosive. It is almost as bad as burning coal and produces less high-value light hydrocarbons like gasoline and more bunker fuel that can only be used in tankers and industry…which are heavy polluters.
I’m almost tempted to say that it would be better for those reserves to be under the control of a backwards dictator who won’t be able to develop them or privatize them, but China has its eyes on exploiting those reserves too, not just the US, so even that unethical argument is moot.