Venezuela will provide about 22,000 barrels of oil daily at a discounted rate of $40 a barrel
Venezuela's President Hugo Chavez has signed a deal with the government of Jamaica on oil supplies at preferential rates.
According to Jamaica's Prime Minister, under the agreement, Venezuela will provide about 22,000 barrels of oil daily at a discounted rate of $40 a barrel, compared to more than $60 on the world market.
The agreement is part of a regional Petrocaribe initiative, proposed by Chavez, and most of the Caribbean countries have signed up to it.
Venezuela has been discussing similar deals with many countries in Latin America and the Caribbean in recent months.
