Venezuela suspends Petrocaribe initiative with Belize

By BBN Staff:  International media outlets are reporting that there are dark days ahead for countries benefitting from the Petrocaribe initiative.The Antigua Observer is reporting that the initiative will come to an end for eight countries including Belize.

That is because Venezuela’s crude production has been falling.

The Belizean government has not yet commented on the matter but Belizeans have already began to express concerns on social media.

In 2005 the administration of former Prime Minister, Said Musa, signed on to the PetroCaribe agreement with Venezuela.

The initiative was so successful that the 2012 administration of Prime Minister Dean Barrow boasted that it was the recipe behind the country’s infrastructural advancements.

However, last year things took a turn for the worst when Venezuelan shipments of petroleum via the Petrocaribe agreement dropped by 40%.

The situation is so dire that Venezuela will have to buy light crude from third parties.

Venezuela’s refineries have been operating below, “capacity because of a shortage of crude feedstock and various unscheduled shutdowns,” said the article.