The state of the oil industry in Venezuela and its ailing PetroCaribe program are having effects on the market in other parts of the 'neighborhood' -- like the US, Caribbean and Central America. The Obama administration last week hosted the US-Caribbean-Central America Energy Summit in Washington, and while much of the agenda focused on clean energy infrastructure and financing, the fiscal woes of Venezuela and its PetroCaribe program were very much on everybody's minds.
Platts senior editors Brian Scheid and Herman Wang recap the summit and take a closer look at PetroCaribe's struggles, the potential for US crude and refined products to displace Venezuelan supplies to the region, Venezuela's relationship with OPEC and the US' increasing involvement in the region's energy affairs. US Deputy Assistant Secretary Juan Gonzalez and Amos Hochstein, the US State Department's top energy diplomat, weigh in on the situation.
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