When the price of oil rose in the 1980s many Latin American countries did what?

In the 1980s, when the price of oil rose, many Latin American countries increased their oil production and exports to capitalize on the higher prices. This led to significant economic growth for some nations, which invested in infrastructure and social programs. However, the subsequent drop in oil prices in the mid-1980s exposed vulnerabilities, leading to economic crises and debt defaults in several countries. Ultimately, this period highlighted the risks associated with over-reliance on volatile commodity markets.