Leaders of the Caribbean Community (CARICOM) have asked the United States to relax sanctions against Venezuela so that regional countries can profit from the PetroCaribe initiative.
PetroCaribe is a regional oil procurement agreement between Venezuela and Caribbean countries that was established in June 2005 during the administration of late Hugo Chavez.
Caracas offered member states oil supply on a concessionary financial basis under the accord.
PetroCaribe established links with the Bolivarian Alliance for the Americas (ALBA) in 2013, with the goal of going beyond oil trade and promoting economic cooperation, but the deal fell apart by 2019 due to a variety of factors, including US sanctions based on alleged irregularities in the presidential elections that kept Nicolas Maduro in power.
Caracas has been in talks with countries to resurrect the plan since 2022.
The regional leaders acknowledged, in a statement issued late Thursday night following their discussions with US Vice President Kamala Harris, that addressing the challenge of energy security requires a balanced approach to developing the region’s hydrocarbon resources and maximizing renewable energy potential.
Source : Vincent
