Page 7 - LatAmOil Week 10 2022

LatAmOil JAMAICA LatAmOil

Vaz says Jamaica has enough fuel in storage to cover three to four weeks of consumption (Image: Petrojam)

“We are well secure in terms of our fuel arrange- price hikes should further unforeseen purchases
ments,” the energy minister declared. be necessary in the near future, he said.
He went on to say that Jamaica was keeping He went on to say that interruptions in Rus-
a close eye on conditions in Eastern Europe sian oil and gas exports could serve as motiva-
arising from the Russia-Ukraine crisis. He tion to ramp up production in other regions so
also pointed out, though, that the country cur- as to enable countries to reduce their external
rently sourced its crude oil from nearby coun- energy dependence.
tries – namely Barbados, Brazil, Colombia and Even so, he urged Jamaicans to practise
Ecuador. energy conservation by limiting their fuel con-
Jamaica receives a shipment of about 60,000 sumption, despite the fact that their own coun-
barrels of oil from Barbados every two months, try was not facing any shortages.
he explained. These volumes are delivered under Jamaica’s government has also taken other
fixed contracts, “some yearly and some shorter,” steps to bolster energy security, such as the
he stated. signing of a memorandum of understanding
Vaz acknowledged that volatile prices had (MoU) with Nigeria. This document, which was
sparked concern, but he also pointed out that finalised at the fourth meeting of the Nigeria-Ja-
this volatility was likely to have minimal effects maica Joint Commission in February, addresses
on Jamaica’s oil and fuel inventory levels. The the prospects for co-operation with Nigerian
government has been able to secure enough sup- National Petroleum Corp. (NNPC) on oil sup-
plies and has enough additional funds to cover plies and on upstream exploration projects. ™

VENEZUEL A
Venezuelan crude sold for more than $80

per barrel last week, Oil Ministry says

VENEZUELAN crude oil commanded a price However, it did state that the country’s extra-
of more than $80 per barrel in the week ending heavy crude oil was selling for a relatively high
on March 4, according to a filing published late price because of the generally bullish state of
last week by Ultimas Noticias, a pro-govern- world energy markets.
ment daily published in Caracas. Prices are being supported by a number of
The filing did not include any comparative factors, including war in Ukraine, the OPEC+
information, as it marked the first time since group’s decision to maintain production quotas
May 2020 that Venezuela’s Oil Ministry publicly at current levels and global supply chain disrup-
disclosed the price at which it had sold crude. tions, it said.

Week 10 10•March•2022 www. NEWSBASE .com P7