The deteriorating political developments in Venezuela is cause for concern. Jamaica benefits from discounts due to deferred payments and low interest on the deferred payments for 25 years.
President Chavez had entered into the San Jose’ Accord and the Petro-Caribe Agreement. On the death of Chavez there has been uncertainty as to whether or not this oil arrangement will hold.
Madura has no apparent regard for the democratic process in his country and this has led to demonstrations there and a suspension of the Parliament by the Judiciary. This decision has been rescinded but the demonstrations have not ceased
The OAS wants to intervene but this has not happened formally to date.
In the meantime, Jamaica has been paying more for oil upfront as production has dropped. Oil exports to Jamaica has dropped from about 9 billion barrels per year to about 500,000 thousand. We now have to find about 36+ billion this year 2017 to foot our oil bill.
Will this situation be resolved soon. In our perspective we need this situation is urgent for action. Jamaica needs to take a principled position in our best interest. What is your perspective?
Hopeton O’Connor-Dennie is SIC for GTA Weekly.