The recent election of President Nicolas Maduro in Venezuela may disrupt the delicate balance of the PetroCaribe energy agreement. Maduro’s coalition announced that it is going to take the agreement under critical review. Tomas Guanipa, a deputy of the National Assembly said that Venezuela “cannot continue selling oil in 20 years when we are in need of immediate resources. We will promote that our oil is for Venezuelans.”
St. Vincent & the Grenadines Prime Minister Dr. Ralph Gonsalves says while PetroCaribe is important to Kingstown, the country does have other options. “By the end of 2018 I expect to have 80 percent of the electricity in this country generated by renewable energy,” Gonsalves said.
Whether or not participants of PetroCaribe could easily weather a dramatic shift in oil prices in practice is likely easier said that done.
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