Related Articles
Forward article link
Share PDF with colleagues

PetroCaribe under threat as Venezuela economy struggles

Venezuela’s crumbling economy could leave the Caribbean’s PetroCaribe members exposed

Oil was a tool of domination, Hugo Chávez said, but he believed it could also be used for liberation. PetroCaribe, the regional oil alliance he founded in 2005, was to be a showcase for this vision, letting poor Caribbean countries buy discounted petroleum from Venezuela and use the savings to alleviate poverty. As oil prices rose sharply between 2006 and 2008, the deal sheltered Caribbean importers from the worst. Since then, PetroCaribe has kept some of their economies afloat. But political and economic crisis in Venezuela now threaten PetroCaribe – and the 16 countries that depend on cheap Venezuelan oil. Nicolás Maduro, who replaced Chávez

Also in this section
Venezuela going for broke
16 January 2018
The Maduro government wants a new deal on its debt. Things are going to get messy
Iraqi Kurdistan sinking fast
11 January 2018
The future of the KRI's oil sector is uncertain, with the federal government determined to bring all the country's production and exports back under its wing
Iraqi Kurdistan's wrong turn
11 January 2018
Burdened by political and economic crises at home, the autonomous region faces difficult talks with a newly confident federal government in Baghdad