Latest update May 25th, 2026 12:35 AM
Petrocaribe supplies to continue despite low world prices
Venezuela’s Minister of Foreign Affairs, Delcy Rodríguez, and Minister of Petroleum and Mining, Asdrúbal Chávez, yesterday assured the 15th Meeting of the Energy Ministerial Council of Petrocaribe that the supply agreement with the Caribbean would continue despite dwindling international crude oil prices.
The meeting was held on the occasion of the 10 years of the regional energy agreement through which Venezuela sells its oil under preferential terms to the rest of the members of the bloc.
“Petrocaribe has brought more infrastructure, more electricity, more health, more food, and more education to the countries of a region that would collapse without the support of the oil alliance, something that even the more relentless enemies of real integration acknowledge,” commented Minister Chávez in an El Universal news report yesterday.
Foreign Minister Rodríguez, for her part, criticized the efforts undertaken by the government of the United States, which were made official in Washington on January 26, to make the Caribbean adopt a new energy paradigm based on private investment, with a view to diversifying energy sources and reducing dependence from the Venezuelan oil programme.
She stressed that Petrocaribe, as an energy cooperation mechanism, has helped reduce asymmetries in the region.
On Monday, the Ministers of Energy of the 18 member countries of Petrocaribe signed a commitment act to consolidate the Economic Zone of the regional bloc, in order to increase and foster trade and production among the members, AVN reported.
Guyana has sent a team to Venezuela to negotiate for a continuance of its rice-for-oil deal which expires in October.
Venezuela is a crucial market for this country for rice. However, a claim on land in Essequibo and waters by that neighbouring country has damped relations in recent months.
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