Venezuela’s $76 Billion Oil Comeback: What It Means for the Caribbean

Venezuela says nearly USD 76 billion could flow into its oil sector over the next five years—and here’s why the Caribbean needs to pay attention.

Venezuela’s acting president, Delcy Rodríguez, says the country expects nearly USD 76 billion in oil investment over the next five years under recently signed agreements.

And for the Caribbean, there’s some important history here.

Remember PetroCaribe?

Venezuela was once an energy lifeline for Jamaica and other participating Caribbean countries, especially when oil prices were high.

The arrangement allowed us to pay part of our oil bill upfront and finance the rest over many years on favourable terms.

And the higher oil prices went, the more valuable that breathing room became.

That matters now, with Brent crude trading around USD 110 a barrel in recent days.

But today’s Venezuela is operating in a very different political environment.

The United States now has a powerful role in its energy sector. President Donald Trump announced an agreement that he said would secure majority U.S. control over the development of specified Venezuelan oil reserves.

So we can’t assume Venezuela’s oil revival will bring back the kind of support the Caribbean received under PetroCaribe.

The question is: whose energy security will these new agreements prioritise—and where does the Caribbean fit?

For Guyana, another major investment destination nearby could increase competition for energy companies’ money, contractors and specialist workers.

For Trinidad and Tobago, Venezuela’s reopening could create opportunities for energy services and cross-border business.

And for oil-importing countries like Jamaica, more supply could help ease price pressures over time—if these investments actually deliver additional production.

So watch what follows the headline: money committed, projects started, actual production, and whether our region benefits.

And that’s the bottom line.

Do you think Venezuela’s oil comeback could become another lifeline for the Caribbean, or will U.S. priorities come first?