Antigua and Barbuda could benefit if increased oil production in Venezuela leads to a new regional supply source, according to West Indies Oil Company CEO Gregory Georges.

WIOC has not imported fuel from Venezuela since 2018 and currently sources supplies through a US-based company. However, Georges said easing restrictions on Venezuela’s petroleum industry could create opportunities for WIOC and strengthen regional energy security.

The development is significant because Venezuela’s state-owned PDVSA owns a 25 per cent stake in WIOC. Georges also identified Guyana’s expanding oil industry as another potential regional opportunity.

This article was originally published by Antigua News Room. Read the original article here: WIOC Eyes Potential Benefits From Renewed Venezuelan Oil Production.