Bartering Agricultural Commodities For Oil
Venezuelan government will accept sugar from Barbados and bananas from
St. Lucian in exchange for oil, which could represent a possible saving
of the Barbados sugar industry.
the PetroCaribe Oil Agreement, Venezuela has pledged “to take
our oil reserves and use them to ensure that all of our neighbors are
not held hostage by the international capitalist class that is pushing
up world oil prices and (thus causing us to) fall victim to the subversion
of their economies because of high fuel prices.”
PetroCaribe agreement had been designed to come to the rescue of countries
facing the shock of losing their preferential markets as well as higher
international tariffs for their sugar and bananas.