Tag Archives: Petro Caribe

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

Venezuelan president Nicolás Maduro visits Jamaica and Trinidad

Venezuelan president Nicolás Maduro visits Jamaica and Trinidad

Maduro at UN

President Maduro

KINGSTON, Jamaica, Sunday May 22, 2016 – Amid the food, electricity and economic crisis in his country, Venezuelan president Nicolás Maduro arrived in Jamaica last night for what the government says is a one-day “working visit”, ahead of his trip to another Caribbean country where a demonstration is being planned.

A Jamaica government statement said Maduro, who was met on his arrival at the Norman Manley International Airport in Kingston by Minister of Foreign Affairs and Foreign Trade, Senator Kamina Johnson Smith, and other dignitaries, is meeting with Prime Minister Andrew Holness and members of Cabinet today …Sunday May 22, 2016.     Continue reading

Venezuela in financial difficulty, will Petro Caribe survive? – By Sir Ronald Sanders

 Venezuela in financial difficulty, will Petro Caribe survive?


sanders new Thursday, November 27, 2014 – 14:20 By Sir Ronald Sanders

The government of Venezuela is undoubtedly disappointed with the outcome of the 166thmeeting of the Organisation of Petroleum Exporting Countries (OPEC) held in Vienna, Austria on 27 November 2014.

Despite intense lobbying by Venezuela, the OPEC decided not to cut oil production even in the face of declining oil prices globally.  The official communiqué of the meeting declared that “the Conference decided to maintain the production level of 30.0 mb/d, as was agreed in December 2011”.  This was bad news for Venezuela which needs to sell oil at US$120 per barrel to meet repayments of its loan commitments; finance its domestic social welfare programme; provide the requisite goods and services for its people, including security; and to fund its Petro Caribe arrangements with neighbouring countries in Central America and the Caribbean. Continue reading

Venezuela’s economic problems get worse as oil prices drop

Venezuela’s economic problems likely to get worse
Published on November 3, 2014 – By Caribbean News Now contributor
President Nicolas Maduro

President Nicolas Maduro

CARACAS, Venezuela — With Goldman Sachs forecasting that US oil prices will drop by 10 percent next year from current levels, Venezuela’s already dire economic straits seem likely to get worse before they get better.

According to Paul Shortell, a Latin America analyst from the Inter-American Dialogue, writing in the World Politics Review, “With crude oil prices down 25 percent since June and holding at roughly $86 a barrel, Venezuela is getting nervous. Lower prices will put greater strain on Venezuela’s oil-reliant economy as its government struggles with growing macroeconomic imbalances.”

Oil accounts for 95 percent of Venezuela’s exports and nearly half of the government’s revenue. However, two-tier foreign exchange policies and rates implemented by former president Hugo Chavez are causing huge problems for firms doing business in or with Venezuela. Multinational manufacturers have closed down operations and most foreign air carriers have reduced or suspended flights to the country.  Continue reading

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