system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: Why didn't Saudi Arabia fail like Venezuela when it nationalized its oil?

I've tried asking a question in regards to this in a different site and Im still confused because the response was 

>Saudi Aramco is 100 % owned by KSA. In 1973 the Saudi Arabian government acquired a 25% stake in Aramco. It increased its shareholding to 60% by 1974, and finally took full control of Aramco by 1980, by acquiring a 100% stake in the company.


Im confused by this because its saying they have full control over this company(100%) this means that basically the company is owned by Saudi Arabia so technically, they low-key nationalized it right? or am I looking at it wrong?. If am correct to assume this, how is venezuela not prospering since they're doing what Saudi Arabia did. 


Sorry, if this question sounds confusing, im just unsure if Saudi Arabia has many oil companies or simply an oil company created by Saudi Arabia. 


Thanks so much for your time,.
gpt
Nationalizing something does not mean that it will fail. Nor does privatizing something mean that it will succeed.

The Saudi Arabian government was quite careful with how it managed its resources and wealth and has benefited from that. The country has many problems, but it functions pretty well.

The Venezuelan government was not careful with how it managed its resources and wealth and was in no way prepared for a significant drop in the price of oil.