December 8, 2023

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Caribbean leaders have decided to resume plans to import crude oil from Venezuela

Oil, Caribbean, Venezuela, El Nacional
Photo: EFE

Several Caribbean rulers have agreed to restart the PetroCarib project to supply fuel to Venezuela, while asking the United States (US) to lift economic sanctions against the country.

This was announced by the Prime Minister of Saint Vincent and the Grenadines on Wednesday. Ralph GonsalvesThe new plan was explained by high fuel prices worldwide, particularly due to the conflict between Ukraine and Russia.

According to Gonsalves in a statement, the agreement will benefit the Independent States of the Eastern Caribbean States (OECS), but also other member states of the Caribbean Community (Caricom), whose annual summit ended the day before in Suriname.

PetroCaribe, launched by then-President Hugo Chávez in 2005, stipulated that Venezuela would supply oil to Caribbean countries at flexible prices and payment facilities, but the plan was shelved due to US sanctions.

In April, Caribbean President Nicolas Maduro, Agreed to reboot PetroCaribe program offers 35% discount on the selling price of fuel.

At the time, media in St. Vincent and the Grenadines said the waiver would apply to the country and other members of the OECS.

Governors will urge America

Gonçalves announced that he would ask the United States to lift some sanctions against Venezuela, which would make it particularly difficult for PetroCaribe to resume service.

These restrictions affect transport contracts and payment processes, noted the Prime Minister of Saint Vincent and the Grenadines.

In June, the prime ministers of the Bahamas, Philip Davis, and Antigua and Barbuda, Gaston Brown, urged the United States to lift an embargo on Venezuela’s oil exports to mitigate the impact of global warming on the Caribbean. on energy prices.

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Previous US President Donald Trump imposed several rounds of sanctions against the Venezuelan government, but in May Joe Biden’s administration announced it would lift some of those punitive measures.

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