Venezuela is hoping to resuscitate its PetroCaribe programme.
Against a background of surging global oil prices, the country’s gradual economic recovery, political change in Latin America, and a carefully crafted dialogue with the US, Russia, China, and Iran, Caracas is seeking to reposition itself as a swing energy state.
Responding to less than well thought through western sanctions following Russia’s invasion of Ukraine and their impact on the global price of oil, gas, fertiliser, food, and transport, it knows that the gradual freeing of its enormous reserves of oil could make a difference to many nations.