Andean Group - June 2026

VENEZUELA | Rodríguez seeks India deals amid falling inflation. On 6 June Venezuela’s central bank (BCV) published inflation figures for May, showing a monthly inflation rate of 6.3%. It said this was the lowest rate in 19 months, following monthly inflation of 10.6% in April and 13.1% in March. The BCV did not provide the annual inflation rate. The figures were released while President Delcy Rodríguez was in India on a trip aimed at cementing the country’s status as a key buyer of Venezuelan oil. On 6 June she visited Jamnagar, the world’s largest oil refinery owned by Indian energy company Reliance Industries, writing on social media that “both countries are advancing in energy complementarity”. The previous day, she met with India’s oil and natural gas minister, Hardeep Singh Puri, although no agreements were announced.

PERU | Petroperú to receive another bailout. On 28 May Peru’s investment promotion agency (Proinversión) announced the creation of a trust for a US$2bn bailout of state oil company Petroperú. The company’s CEO, Roger Arévalo, had requested the funds from President José María Balcázar’s government on 28 April. Among other controls announced by Proinversión, the trust imposes a firm ceiling of US$2bn on the amount of funds that can be channelled to Petroperú. Proinversión will be responsible for authorising and auditing each tranche of funds under the bailout programme, and these funds will be exclusively spent on “ensuring the company’s operational continuity” – specifically on “guaranteeing the supply and purchase of crude, allowing refineries to operate at maximum capacity”. Proinversión added that “by guaranteeing the raw material [crude], national supply is guaranteed, activating a cycle of conversion into cash and the generation of income for the company”. Petroperú was previously bailed out in 2024 but has struggled to recover from major debts it incurred when construction works at its refinery in Talara, Piura region, went heavily over budget.

Andean countries: inflation rate
Percentage variation (year-on-year)

Andean countries: GDP growth (%)
Quarterly figures are year-on-year growth