• Photo of Guyana remains firmly with PetroCaribe

    Guyana remains firmly with PetroCaribe

    Ever since the inception of PetroCaribe in 2005, Guyana has remained firmly committed to the oil agreement. This staunch assertion flies in the face of urgings from some analysts in the Caribbean region who opine that Venezuela would be unable to sustain the program of providing concessionary oil to countries signatory of the PetroCaribe agreement but due to its current…

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  • Guyana among other CARICOM countries to cut back reliance on PetroCaribe

    At least four Caribbean Community (CARICOM) member countries are taking steps to reduce their reliance on Venezuela’s PetroCaribe oil subsidy as crude prices plunge, according to the International Monetary Fund (IMF). The four countries are Guyana, Haiti, Belize and Jamaica and it’s a move other countries should follow, said David Voght, managing director of energy consultancy IPD Latin America. The…

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  • Venezuela commits to PetroCaribe despite oil price dip

    CARACAS, November 20, 2014 – Venezuela on Thursday pledged that the preferences given to regional countries under the PetroCaribe Agreement will remain in place, with oil being supplied on favorable terms to member states despite a drop in international crude prices. This commitment was given during a meeting of PetroCaribe member states in Caracas to review the current situation. Venezuela's…

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  • IMF monitoring impact of PetroCaribe on regional economies

    By Kenton Chance KINGSTOWN, St. Vincent, Nov 19, CMC — The International Monetary Fund (IMF) says it is monitoring the potential impact any changes to PetroCaribe, Venezuela’s oil alliance with several Caribbean islands will have on regional economies.   Analysts say the initiative, which allows countries to pay for part of their oil import from Caracas over a 20-year period…

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  • Photo of IMF warns of possible changes to PetroCaribe arrangement

    IMF warns of possible changes to PetroCaribe arrangement

    Montego Bay, St James — A director, Western Hemisphere department, International Monetary Fund (IMF), Alejandro Werner says the dip in the price of oil will benefit much of the region's current accounts, so long as it doesn't inadvertently lead to the end of the PetroCaribe arrangement. Addressing the 2014 High Level Caribbean Forum under the theme “Unlocking Economic Growth,” in…

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