Chavez deepens Petrocaribe oil pledges

CARACAS, Venezuela – Venezuelan President Hugo Chavez pledged on Saturday to meet Caribbean nations’ oil needs for years to come, and urged the region to unite and seek greater independence from the United States.

Chavez deepened past pledges to share his country’s oil wealth as he addressed a summit of nations taking part in Venezuela’s Petrocaribe oil initiative, which supplies fuel under preferential terms.


“If we truly unite … the grandchildren of our grandchildren will have no energy problems,” Chavez said. He predicted oil prices will soon hit $100 a barrel but said “the Caribbean shouldn’t have problems this century and beyond.”

“Venezuela puts this oil wealth at the disposition of our peoples of the Caribbean,” Chavez said. “It belongs to all of us. We’re going to share it like Christ. … It will be enough for everyone.”

Venezuela still counts the United States as its top oil buyer, although Chavez has sought to diversify his clientele amid tensions with Washington by selling more to Latin America, the Caribbean and as far away as China.

AP