Antigua And Barbuda PM: U.S. Sanctions On Venezuela “Hurting Others Within The Region”

  • The rising energy prices have prompted Antigua and Barbuda Prime Minister Gaston Browne to call out the United States’ trade embargo on Venezuela, saying that the sanctions on Venezuela are also hurting other nations in the Caribbean region. 
  • Furthermore, in a bid to curb the rising price of oil, Browne called on the Caribbean Community (CARICOM) to talk to Caracas. Browne believes that the PetroCaribe initiative that Venezuela had since 2005 could be vital for the region to survive the soaring prices of oil. 
  • The PetroCaribe energy initiative allows Venezuela to supply crude oil to countries in the Caribbean region at a much cheaper price relative to the current world price of oil in the first 90 days. Countries may pay the remaining price rate for 25 years, with an interest rate of 1% every year. The cost may also be offset through the trading of goods or services. 
  • Loosening restrictions on Venezuela would benefit the region greatly by facilitating the trading of crude oil at a cheaper price and shoring up supply, which could help to alleviate the inflation pressures being faced by the Caribbean.

(Source: Caribbean News Now)