Venezuela Cut Oil Deliveries to Jamaica by 50% – Report

The UK Investment Bank, Barclays, says Venezuela is cutting oil deliveries in half to Jamaica and 16 other countries under the PetroCaribe agreement.

According to Barclays, the cut from 400-thousand barrels a day to 200-thousand barrels daily is due to the sharp decline in oil prices.

Venezuela relies on oil for 96-percent of its foreign currency earnings.

Turning to Jamaica, Barclays noted that Venezuelan oil shipments to the island fell by 74-percent since 2012.

But Acting Group Director at the state owned oil refinery Petrojam, Winston Watson, says the data may have been misinterpreted.

He says a fluctuation of oil deliveries to Jamaica is dependent on the status of the country’s refinery.

So what would a cut in oil delivers to Jamaica under the PetroCaribe agreement mean for Jamaica?

Winston Watson, Acting Group Director at Petrojam.