Petrocaribe

Summary

Petrocaribe was a regional oil procurement agreement between Venezuela and Caribbean member states. The trade organization was founded on 29 June 2005 in Puerto La Cruz, Venezuela during the presidency of Hugo Chávez. Venezuela offered member states oil supplies on a concessionary financial agreement. Petrocaribe has been part of the "pink tide" in Latin America seeking to achieve post-neoliberal development in the region. In 2013 Petrocaribe established links with the Bolivarian Alliance for the Americas (ALBA) aiming to go beyond oil trade and promoting economic cooperation. The deal fell apart by 2019 after dwindling oil production, corruption, and oil price fluctuations took their toll.