Ratings Tumble

August 2008 | Ratings Update

The Venezuelan government has accused Barbados of violating the maritime border between the countries by auctioning oil exploration blocks within Venezuelan waters. Barbados insists that the bidding round does not infringe on the rights of any other state. Caribbean maritime borders have long been a cause of controversy, particularly where there are implications as to oil and gas resource ownership. Since Venezuela and Barbados have never made a treaty delineating their borders, Barbados has no particular reason to negotiate, other than the fact that Venezuela could enforce its claims militarily, a scenario we do not

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