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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

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