Santo Domingo.- Guillermo Caram, economist, criticizes Venezuela’s President Nicolás Maduro and Diosdado Cabello. Their suggestion that Venezuela uses oil as a weapon against the Dominican Republic is unfounded, says Caram. He explains, Venezuela’s oil is not given for free or at reduced prices like with Cuba or Nicaragua.
The arrangements such as San José and Petrocaribe involve part-financed oil supply to neighboring countries. It’s not a giveaway but potentially incurred foreign debt. Precisely, Venezuela never provided oil at discount or for free.
Venezuela manipulates international oil prices through these agreements by cutting production. Unpaid portions are covered by market-priced consumers. This manipulation unjustly finances fiscal deficits, contributing to fiscal misconduct and negatively affecting Venezuela’s economy.