Which, really, does nothing. The problem is that the country's economy is dependent on a single extracted resources for export, making it do well when prices for that resource are high and badly when they are low.

Whether its privately extracted by firms paying taxes on income and leases for extraction rights or publicly extracted by the government, the same fundamental problem remains (and the same broad economic results have been seen in economies dependent on a single extracted resource all over the world, independent of the public or private nature of the extraction.)

Well, it does some. They're still dependent on a single extracted resource, and the price is still low, but they could actually produce more of it. It wouldn't be a magic fix, but it would be better than the current situation.

Although really they're not producing it, they're extracting it. Selling more when the price is low might not be the best idea.

Depends on how bad you need the money now vs. how bad you'll need it later.

Very much so.

Can Venezuela's current leadership do that without altering the country's political identity? It's been clear for awhile that the Chavism experiment with oil sector management has been a failure. Is there any indication that they're going to change now?

I don't think Venezuela's current leadership can do anything useful without altering the country's political identity. But no, I see no indication that they're going to change now.