The recent summit between the European Union (EU) and the Community of Latin American and Caribbean States (CELAC) in Brussels represented a timely opportunity for Europe to build new alliances on the world stage.
One important but under-reported development from the CELAC nations that merits European support resides in the CRESCII proposal, which would enable Caribbean nations to become co-owners of Venezuela’s proven and drilled petroleum and gas fields.
This would represent a paradigm shift in the relationship between Caribbean nations and Venezuela. Instead of being passive buyers and sellers of oil and refined products, participating Caribbean countries would have a vested stake in their development, maintenance, productive capacities and output.
Full read: oilprice.com