Caribbean Leaders Want Petrocaribe Back. Could It Happen?
The subsidized oil procurement agreement with Venezuela collapsed in 2019. Thirsty neighbors now seek near-term assistance once more.
Last November, Saint Vincent and the Grenadines made waves when it received an oil shipment from Venezuela—its first since 2019. In doing so, the island country became the first to resume ties under Petrocaribe, the agreement struck by Hugo Chávez that saw Venezuela send oil on generous terms to 17 Caribbean nations. Analysts agree there’s little chance of a full-scale revival of the accord, which fell apart after Venezuelan oil production plummeted in the mid-2010s and the U.S. Department of the Treasury’s Office of Foreign Assets Control, OFAC, imposed sanctions in early 2019 on...
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