Introduction
As indicated last week, in order to promote an intelligent appraisal of PetroCaribe and the current regime of Guyana’s oil importation, an appreciation of the trajectory of the current global crude oil price is essential. Indeed, the recent downward trajectory is perhaps the main reason for the recent barrage of international and regional criticism directed at the Venezuelan PetroCaribe initiative, which started back in 2005. Regional companies and agencies feel emboldened to ask governments, because of cheap oil today, if PetroCaribe is a lifeline offered by Venezuela to the region or a noose!
As part of this appraisal I introduced last week ten key determinants (factors) driving the current downward trajectory in the global