But Russ Dallen, the head of Miami-based Caracas Capital Markets, said “the sanctions are working” in pushing oil production in Venezuela, home to the world’s largest estimated reserves, down to 1929 levels. “It’s not enough to survive,” he said.

The hope, Dallen said, is that Venezuela “has the reflex to rebound to . . . the way things used to be — a prosperous society with democratic tendencies.”