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A regional strategic oil reserve should be catered for
Dear Editor,
Guyoil’s decision to maintain current prices at the pump brings up the subject of strategic oil reserves. Globally many key oil producers have set up reserves that allow them to cater for shortfalls in supply that would cause affordability issues within their economies. As a new oil producing nation that is also vulnerable to the oil shocks that occur, such as the current one that has sent oil prices soaring, we must also consider the need for a strategic oil reserve that can buffer our economy and the regions from future oil supply issues.
To achieve this our country will need to partner with other regional oil & gas producers to incorporate forecasted local and regional demand & supply and supply chain risks, to carry out the cost benefit analysis of a regional storage facility that can meet the requirements of a strategic oil reserve. It is an analysis that is worth doing to achieve the implementation of a strategic oil reserve that caters for both local demand and regional demand at the Caricom level. A joint plan developed and implemented by the oil producing countries in our Region will help provide the regional economic stability needed for our continued prosperity over the long term.
Best regards,
Jamil Changlee
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