Haitian uprising; Venezuela Petrocaribe pact with Haitians to strengthen nation

We discuss the oil pact that Venezuela made with Haiti in the early 2000s that strengthened their government.

Petrocaribe is an oil alliance of many Caribbean states with Venezuela to purchase oil on conditions of preferential payment. The alliance was launched on 29 June 2005 in Puerta La Cruz, Venezuela. In 2013 Petrocaribe created links with the Bolivarian Alliance for Americas (ALBA), to go beyond oil and promote economic cooperation. The agreement was initiated with the aim of having solidarity with other countries in accordance with ALBA.  The payment system allowed for purchase of oil at low rate of 5 to 50% which covered a 2 year period or grace period to enable Haiti to rebuild their infrastructure and get low rates.  The remainder can be paid through a 17-25 year financing agreement with 1% interest if oil prices are above US$40 per barrel. The agreement builds on payment terms from the San Jose Agreement and Caracas Energy Accord.  This angered Western supreme powers.  The idea was to empower Carribbean states and cut out the middleman and eliminate U.S. encroachment.