Both countries have similar sized populations, both countries have similar amount of oil reserves in their territory, yet Saudi Arabia is immensely more wealthy than Venezuela.
Is it plausible that Venezuela can be as wealthy and prosperous as Saudi Arabia?
From my reading of LatAm history, and within the constraints of a post-1900 POD, it's actually pretty simple - avoid developing the oil economy as much as possible. Without oil, Vzla. would need to find another way to make its economy work.
Possible POD -
the 1902-1903 Vzla Crisis. While the resolution of it was favorable to Venezuela, it could have been better. Regardless, the crisis spurs the Government/administration of the then-President,
José Cipriano Castro, into action. (Even better: get rid of Cipriano Castro's kidney problem from the beginning - that could be the major POD - or at least make him less sick so his condition could be treatable in Venezuela.) Since this was the time of both the Progressive Era in the United States and positivism elsewhere in Latin America, and Cipriano Castro himself was part of
Venezuela's liberal tradition, why not put two and two together - especially if it helps get rid of the debt as quickly as possible? So Venezuela embarks on its own course of industrialization, similar to how the US began to industrialize, within a policy that closely mirrors
José Batlle's work in modernizing Uruguay. Adhering to a system that is relatively conservative (while appearing to be progressive) would be enough to get the elites on side, while for Vzla's poor it would means jobs and a better quality of life through an expanding social safety net and greater access to education. All of this could be done through cutting oil out of the equation - or at least delaying it to the point where Caracas could develop a better framework for handling oil. It also would accommodate the nascent middle classes within Venezuela's traditional power structure.
Bonus points if it works - avoids the rise of Juan Vicente Gómez. While Cipriano Castro himself also came from the military, Gómez's régime was more problematic. Having somebody else other than Gómez in power would be beneficial for Venezuela overall, to the point where when Cipriano finally dies, Venezuela would have some base upon which non-oil economic growth and the development/consolidation of democracy could operate. It would also allow for a more responsible operation of Venezuelan oil without it seriously affecting the Venezuelan economy, thus attempting to minimize the resource curse.