Document Type

Article

Publication Date

8-13-2012

Abstract

Henrique Capriles, the Venezuelan opposition leader running for president against Hugo Chávez, said on Aug. 1 that he would scrap preferential oil deals with foreign allies including Argentina, Cuba and others, Reuters reported. Capriles said the country would save $6.7 billion annually under his plan, money that he would use for domestic social spending. Meanwhile, state-run oil company PDVSA reportedly will need to set aside between $4 billion and $7 billion annually for the next five years to make payments on its heavy debt burden, analysts have forecast. Has Venezuela's petro-diplomacy run the end of its course? Which countries would suffer the most from an end to PetroCaribe and Venezuela's other preferential oil deals? If re-elected, will Chávez be able to maintain the agreements? How serious of a problem has PDVSA's debt burden become?

Rights

Article re-posted as a PDF document with permission from the publisher as part of an Institutional Repository collection to aggregate Latin American energy policy, dialogue, white papers, reports, and educational materials.

Language

English

Publisher

Inter-American Dialogue

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