Business News America. Tuesday, March 20, 2001

The volume of Venezuelan crude exports to Cuba and Central America will be reviewed if oil exporting countries grouped in Opec cut production, Venezuela's energy vice-minister Bernardo Alvarez said, according to a report in Honduran newspaper La Prensa.

"In the agreements there is a clause stating the volume we are supplying these countries would be reviewed if, as a member of Opec, we have to cut production, Alvarez said.

Venezuela signed the Caracas Energy Agreement last October, which will work in parallel with the San Jose Agreement, establishing the supply of 80,000 barrels of oil daily to Central American and Caribbean countries with preferential payment conditions.

The agreement was signed with Belize, Costa Rica, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Nicaragua, Panama and the Dominican Republic.

Earlier, Caracas signed a cooperation agreement with Cuba that includes the supply of 53,000 barrels of crude per day.

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