PDVSA of Venezuela supplies 50 percent of oil demand in the Caribbean
Oil consumption in Caribbean countries amounts to 417,000 bpd, while Venezuelan state-run oil holding Pdvsa supplies 201,000 bpd to the region.
Based on figures on Pdvsa oil supplies to Petrocaribe member countries, Venezuela is only meeting half of oil and by-products requirements in this region.
Therefore, these islands have to resort to other markets to meet their demand, but Venezuela offers favorable discounts.
Former Pdvsa managers carried out a survey showing that Petrocaribe member countries such as Jamaica, Dominican Republic, Saint Vincent and the Grenadines, Haiti and Dominica are given discounts of USD 14.71 per barrel, while discounts to Cuba amount to USD 7.40 per barrel.
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PDVSA of Venezuela supplies 50 percent of oil demand in the Caribbean
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