Im the middle of all the crude fluctuations we have one oil exporter that provide assistance to neighbors...Venezuela... they provides a sizable amount of crude oil and refined products to its regional neighbors at below-market prices and with favorable financing terms. Under the auspices of the San Jose Accord, Venezuela and Mexico provide eleven Central American and Caribbean nations (Barbados, Belize, Costa Rica, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Nicaragua, Panama and the Dominican Republic) with crude oil and products under preferential terms. Venezuela also has additional bilateral agreements with Cuba and Jamaica, sending those countries 92,000 bbl/d and 21,000 bbl/d, respectively, of crude oil and petroleum products under favorable terms.
The PetroCaribe signed in 2005, provides some 70,000 bbl/d of discounted crude oil and refined products to numerous countries in the Caribbean. PetroCaribe allows the importing countries to pay for a portion of the oil imports with long-term, low-interest loans or barter oil for other goods.
Venezuela has also targeted bilateral deals towards South America. In 2005, PdVSA signed deals with Paraguay and Uruguay to supply discounted petroleum products and work to upgrade the countries’ refineries to process Venezuelan crude varieties. In August 2005, Venezuela agreed to provide Ecuador with a temporary crude oil loan to help the country through a disruption to its production facilities.
Venezuela has also targeted bilateral deals towards South America. In 2005, PdVSA signed deals with Paraguay and Uruguay to supply discounted petroleum products and work to upgrade the countries’ refineries to process Venezuelan crude varieties. In August 2005, Venezuela agreed to provide Ecuador with a temporary crude oil loan to help the country through a disruption to its production facilities.
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