Venezuela: instability and the impact of potential changes to the PetroCaribe scheme on the Caribbean Basin

Across the Caribbean concern has been expressed about the implications of civil unrest in Venezuela and what this might mean for the long term future of the PetroCaribe arrangement, the concessionary agreement which underpins most Caribbean economies through the supply of oil at concessionary prices on deferred terms. This is because almost all Caribbean Basin nations have come to rely on its continuation to underwrite regional economic and social stability.

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