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.