Economy & Business - August 2023

CARIBBEAN: Can PetroCaribe come back from the dead?

PetroCaribe, the Venezuelan programme that once offered subsidised crude oil supplies to neighbouring countries in the Caribbean, was wildly popular while it lasted, between 2005 and 2019. Yet it suffered a resounding collapse as the Venezuelan economy spiralled downwards and the US tightened economic sanctions against the country’s oil and gas industry. All of a sudden, however, there is talk that the programme might come back from the dead.

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