Venezuela’s Regional Oil Diplomacy Cools as Crisis Looms Large
- OPEC member reduces exports of subsidized crude to Petrocaribe
- Shipments to China and India rise despite falling output
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Plagued by triple-digit inflation, political turmoil and a recession, OPEC member Venezuela has scaled back an 11-year program that allows its allies in the Caribbean and Central America to buy its oil at subsidized prices.
Latin America’s largest oil exporter has been favoring shipments to Asia and the U.S. while trimming sales to Petrocaribe, a program in which Petroleos de Venezuela SA, the state oil company, sells oil to members under low-cost financing, Mara Roberts, a New York-based analyst at BMI Research, said in an e-mail.