While domestic troubles continue in Venezuela - the Petrocaribe programme is still rolling in the 18 countries that signed unto the initiative. But, it has been somewhat scaled back, principally with deliveries of premium fuel.
Belize hasn't received premium fuel through Petrocaribe since the start of the year, and a report from Barclay's Emerging Market Research Unit at the end of March found that, overall, since 2012 Venezuela's oil deliveries to Petrocaribe countries have declined 50%. The report notes that even Cuba, which is Venezuela's principal ally, is receiving almost half the oil it once received.
The Barclay's report quotes Petrologistics, which tracks oil tankers around the world, and they say that the decline in deliveries increased after August 2014, when oil prices started to decline. The report notes that, quote, "The average since then, compared with the first eight months of 2014, is 24% lower." Even Cuba has received about half of what it received in 2012. Deliveries to The Dominican Republic and Jamaica have declined 56% and 74%, respectively, since 2012.
In Belize, P(e)D(e)V(e)S(a) has not delivered Premium fuel since January of this year. But the Regular fuel they deliver is 91 octane, which is above the minimum grade of 89 octane set for Premium Fuel. So in the words of Fuel Czar John Mencias, Petrocaribe Regular is Premium.
Email
Print