Petrocaribe is an agreement in June 2005 for oil supplies at a special price of Venezuela in some Caribbean countries. The agreement allows purchases at the market price, but only 40 % must be paid at an oil price of about U.S. $ 100 within a period of 90 days. The rest can be owed ​​over 25 years at an interest rate of 1%. With oil prices at U.S. $ 100 60 % within the 90 day period and must be paid at an oil price over $ 200 only 30%. The Caribbean countries can purchase for these conditions up to 185,000 barrels per day. Also payments in goods or services ( barter ) are possible. Among the medium-term objectives include the joint development, production and processing of oil and gas by the Member States. It is a network of Petroleum industrial plants are created through which the supply of the States of the region to be sustainable basis.

Member States

  • Venezuela
  • Member countries of Petrocaribe and CARICOM
  • Members of Petrocaribe, not part of CARICOM
  • Members of CARICOM, not part of Petrocaribe

The 18 members of Petrocaribe are:


11 of the 15 members of CARICOM, Cuba and the Dominican Republic signed the contract on September 7, 2005. Signatory countries were Antigua and Barbuda, the Bahamas, Belize, Dominica, the Dominican Republic, Grenada, Guyana, Jamaica, Cuba, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines and Suriname. Haiti was not invited to the negotiations, since Venezuela did not recognize the set up by the U.S. government.

While it is understandable that Trinidad and Tobago did not sign the agreement as oil producers, led not signing by Barbados to wonder. It has been speculated that the country has given in to pressure from the United States to maintain the tense relations with Venezuela. Barbados denied these basic and did not rule out joining Petrocaribe later. August 31, 2005 Energy Minister Anthony Wood, it would be weighed to sign Petrocaribe or maintain the previous agreement with Trinidad and Tobago. On 1 September, he was inclined to sign the Agreement for changes. What changes were expected, remained unclear, but it seems clear that the rise in international oil prices has contributed to the change of heart. Barbados feared by Petrocaribe rising debt.


The third Summit of the Alliance 11 August 2007 Nicaragua and Haiti occurred in the economic pact.

At the Fourth Summit from 20 - December 21, 2007 in Cienfuegos, Cuba, Honduras was admitted as a new member.

On 13 July 2008, while the fifth summit of the alliance in Maracaibo, Guatemala joined as the 18th member. This summit Hugo Chavez announced that deposit exported for each barrel of oil 50 cents in a common agricultural fund. Meanwhile, Costa Rica and Panama have made ​​an application for membership.