Category Archives: Venezuela

Venezuela: Illicit Trade Represents 21% of Venezuela’s GDP: Is This Our Post-Oil Future?

Venezuela – Click to enlarge

Tony Frangie Mawad | Caracas Chronicles

 After calculating the current annual worth of drug, gold and gasoline trafficking and port smuggling in Venezuela, a study by the local chapter of the anti-corruption nonprofit Transparency International — with estimates from Ecoanalítica, a Venezuelan economic consulting firm — concluded that these illegal economies made up 21.74% of Venezuela’s GDP last year.

“This means they are more powerful than any other economic sector right now, including oil,” says Mercedes De Freitas, Transparencia Venezuela’s executive director. “And we are talking only about the size of four of these economies, the most important ones. THERE ARE OTHER ILLICIT TRADES: Certain types of food smuggling, diesel smuggling, cooking gas trafficking, human trafficking or timber trafficking, which could be important in some regions.”       Continue reading

VENEZUELA is hoping to resuscitate its PetroCaribe programme – By David Jessop

Venezuela- PetroCaribe programme. – By David Jessop

Against a background of surging global oil prices, the country’s gradual economic recovery, political change in Latin America, and a carefully crafted dialogue with the United States, Russia, China and Iran, Caracas is seeking to reposition itself as a swing energy state.

Responding to less-than-well-thought-through western sanctions following Russia’s invasion of Ukraine and their impact on the global prices of oil, gas, fertiliser, food, and transport, it knows that the gradual freeing of its enormous reserves of oil could make a difference to many nations.

Its actions suggest that if it can achieve an accommodation on sanctions with the US and European Union based on the west and others urgent need for new, lower cost sources of energy through geopolitical diplomacy, it will be able to relaunch its Caribbean and Central American concessional oil initiative.    Continue reading

GUYANA: Energy Crisis: The time has come for CSME to play it s role – Letter by Eusi Kwayana

Dear Editor:

In a discussion on Sunday June 19, 2022, the panelists on Observer Radio in Antigua considered a statement by Prime Minister Gaston Brown of Antigua and Barbuda. That statement suggested that it might be necessary for the Caribbean countries in CARICOM to approach Venezuela for a second chapter of Petro Caribe which was designed to help Caribbean countries at the time of Hugo Chavez’s Bolivarian Revolution.

At this point it is good to remember that Trinidad and Tobago during the days of its oil boom had extended credit facilities to some of the Caribbean islands in CARICOM. One of them, Guyana, benefitted from these credits up to its limit of $500M in US dollars, I suppose largely for fuel imports. It was reported that a substantial amount of these debts ($482.5M US dollars) were eventually written off by the Trinidad and Tobago government as Guyana was unable to honour its debt. (See note at end).            Continue reading

VENEZUELA: US lawmakers blast change in policy towards Venezuela; oil projects could increase

Nicolás Maduro

By OilNOW –

(S&P Global Platts) Details remained scant May 18 on a US policy shift that could chart a path for US companies to again invest in and operate Venezuelan oil projects as the Biden administration has reportedly begun to ease oil sanctions on the country.

While the administration has yet to officially announce any changes to US policy towards the regime of President Nicolás Maduro, several lawmakers put out statements criticizing a policy shift they contend was aimed at restarting dialogue between Maduro’s ruling government and the US-backed, opposition Venezuelan Unitary Platform.              Continue reading

VENEZUELA: VIDEO: Special Report: Inside Venezuela – Bloomberg Markets and Finance

Special Report: Inside Venezuela

– Bloomberg Markets and Finance – August 20, 2021.

Venezuela is in default; the country has suffered one of the greatest economic and humanitarian crises in modern history. Now, after four years of crippling U.S. sanctions, President Nicolas Maduro is making a public plea aimed directly at President Joe Biden– it’s time for a deal. Bloomberg’s Erik Schatzker travels inside Venezuela and sits down with Maduro to discuss the country’s future.

GUYANA: The Trinidad Connection and Guyana’s Local Content Act – by Ralph Ramkarran

 April 2, 2022- The Trinidad Connection

A robust debate has been triggered by Guyana’s Local Content Act (the Act) between Guyanese and Trinidad and Tobago business organisations, businesspeople and involving some Guyanese public officials. The debate has had little input from ordinary Guyanese citizens. For example, there has been few, if any, letters in the press from Guyanese expressing outrage against Trinidadians for any reason.

However, while the debate is limited to Trinidad’s business practices, trade policies and importance to Guyana as a Caricom member, there is a strong undercurrent in Guyana of resentment against what is believed to be Trinidad’s historically unflattering view of Guyanese due, it has always been believed, to Trinidad’s sense of its own superiority by virtue of its oil wealth as against Guyana’s relative poverty.            

Continue reading

GUYANA: Don’t be fooled by rising Gross Domestic Product (GDP) – by Terrence Yhip

International Economist Terrence Yhip

– Oil already widening gap between rich and poor – Int’l Economist Terrence Yhip

The Government of Guyana has boasted that the oil sector which has experienced an increase in oil production from 120,000 barrels of oil per day (bpd) to 340,000 bpd is poised to drive Guyana’s growth to historic levels. In fact, Senior Minister with responsibility for Finance, Dr. Ashni Singh had disclosed during the reading of this year’s GY$552.9B national budget that Guyana’s real Gross Domestic Product (GDP) is projected to grow by 47.5 percent. It is a level of performance no other country in the world is forecast to achieve in 2022.

While Guyanese should feel justifiably proud of the fact that their county’s GDP has been growing the fastest, and will continue to do so, Terrence Yhip, an economist, says citizens must not get carried away just by the sheer size of such figures as they, in isolation, are not an accurate reflection of the country’s wellbeing, and more importantly, the wellbeing of citizens. Indeed, “Income disparities persist across the land, and the problem is severest amongst Amerindians in the hinterland.”        Continue reading

GUYANA: APA calls on Govt. to give more support to Venezuelan migrants

Venezuelan refugees at a landing in Charity, Region #2 Guyana

The APA said its call follows the recent influx of migrants experienced by the Region 2 community of Kabakaburi and their forced relocation that followed just days after, even though the indigenous community began to support and have since indicated their willingness to support them.  Continue reading

VENEZUELA: Russia sends nuclear bombers to Venezuela – CNN video + Putin’s reasons video – Sky News

CNN Report – 26 February, 2022

Putin Makes Military Moves in America’s Backyard. – CNN

Sends supersonic bombers to Venezuela, that carry nuclear weapons

Also view video below…  IS THIS… TIT FOR TAT BY RUSSIA

Russia’s Putin: The US is parking missiles “on the porch of our house”  – Video

(SKY NEWS – 23 December 2021) Russian President Vladimir Putin has told Sky News that the US and NATO are expanding onto Russia’s borders – and not the other way around. At his traditional end of year news conference, Mr Putin answered questions from the world’s media. And he told Sky News’ Russia Correspondent Diana Magnay that his country wasn’t threatening anybody and that he didn’t want conflict in Ukraine. But he said the ball “is in the West’s court”.

Watch their exchange here in full. SUBSCRIBE to our YouTube channel for more videos: http://www.youtube.com/skynews

VENEZUELA: The Tragic Tales of Three Venezuelan Migrant Children – Caracas Chronicles

These tragedies in Trinidad, Chile and the U.S. sadden us, but should also motivate us to continue demanding safe, orderly and regular pathways for Venezuelan migrants 

Betilde Muñoz-Pogossian | Caracas Chronicles

On February 5th, 2022, an awful tragedy happened. A Venezuelan baby was killed in his mother’s arms when the Trinidad and Tobago Coast Guard fired at the boat carrying a group of Venezuelan migrants.

We know that at least three Venezuelan kids have died migrating to another country so far this year.            Continue reading

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