Economy & Business - August 2022

VENEZUELA: Renewed pressure on US to allow revival of PetroCaribe

Following a summit held in Suriname from 3-5 July, the Caribbean Community (Caricom) released a statement calling for the lifting of sanctions on Venezuela to enable the resumption of the PetroCaribe oil initiative, through which Caricom members had previously received Venezuelan oil at discounted prices. PetroCaribe effectively ground to a halt in 2019, with US sanctions making it almost impossible for members to make payments to Venezuela’s state oil company, Pdvsa, and Venezuelan oil production drastically falling as the country’s economy collapsed.

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