Petrocaribe

Petrocaribe is an cooperation initiative launched in 2005 by Venezuela to provide Caribbean countries with affordable oil and fuel, often through financing or deferred payment agreements. Its goal is to promote economic development, energy security, and regional integration by making energy resources more accessible. Member countries, mainly small Caribbean nations, can buy Venezuelan oil at favorable terms, which helps support their economies and infrastructure projects. Petrocaribe also fosters political ties and collaboration within the region, leveraging Venezuela's oil resources to promote regional stability and growth.