Venezuela pushes plan for cheap oil in Caribbean

Venezuela has agreed to sell crude oil and petroleum products to Caribbean countries at concessionary rates as part of the PetroCaribe agreement. PetroCaribe, the brainchild of Venezuelan President Hugo Chávez, is designed to reduce the effects of high oil prices on the region by offering the energy-dependent islands petroleum products at reduced costs (OGJ Online, Sept. 15, 2004).Trinidad and Tobago as well as Barbados have refused to be part of the pact, which Trinidad and Tobago fears could erode its Caribbean market. Trinidad and Tobago produces 190,000 b/d of oil and is the only major oil producer in the Caribbean.Chávez said Petroleos de Venezuela SA (PDVSA) will creat...

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