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No one able to stop OPEC cutting production, which means even higher fuel prices

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By Dana Malcolm

Staff Writer

 

#TurksandCaicos, October 6, 2022 – Oil production will be cut by two million barrels per day beginning next month, a blow to consumers who have been struggling with heightened gas prices all year.  The Organization of Petroleum Exporting Countries (OPEC) agreed to cut oil production in a meeting on Wednesday despite efforts by U.S. President Joe Biden to sway them.

The price of oil per barrel had soared to incredible highs in early 2022 following sanctions on Russia over its invasion of Ukraine and western countries subsequently shunning the oil and gas provided by the Eurasian nation. That pushed up oil prices in the US and as a result the Turks and Caicos and wider Caribbean to incredible highs this summer, a double whammy of rising grocery  and fuel costs that stressed pockets.

Prices dropped at the end of summer to less than 90 dollars a barrel after spending months above the $110 dollar mark and marked highs of up to $130 dollars.

Gas Prices in the Turks and Caicos spiked by more than $1.68 reaching highs of $8.10 during the period.  In June some power bills doubled and in rare cases tripled, according to residents, prompting calls for the government to investigate and birthing forgiveness programs for the swaths of families unable to pay the bills in full.  The Government had promised to rethink the Food and Fuel Tax Bill which saw a percentage of taxes on food and gas dropped, in an effort to lower prices back in April, if the need arose.

Reuters’ analysts had predicted as much as one million barrels per day would be cut.  Instead the slash was double that. Patrick De Haan, a petroleum and Energy Analysis Expert weighed in on the possible impact.

“As a result of OPEC’s production cut, I estimate U.S. gas prices will be impacted by roughly 15-30c/gal.”

This impact will of course be multiplied for and absorbed by residents of the Turks and Caicos and the TCI has still not quite recovered from the ultra-high prices earlier this year based on the government’s monthly gas price index which shows prices are going down much slower than they wet-up.

In addition $2.5 million was just allocated to put a cap on fuel prices for domestic customers who complained bitterly about the high prices.

That oil prices per barrel will hit the $100 dollar mark is a now distinct possibility.

Bahamas News

Energy Minister Delivers Electrifying Keynote Opening Address at CAREC 2026  

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NASSAU, The Bahamas – The Bahamas’ Minister of Energy, Utilities and Aviation, The Honourable JoBeth Coleby-Davis, delivered an electrifying address during the opening ceremony of the 2026 CARILEC Resilient/Renewable Energy Community (CAREC) Conference and Exhibition, being held October 18–22, 2026, at the British Colonial Hotel in Nassau, The Bahamas.

Under the theme “Empowering Progress: Strategic Policy and Planning for the Energy Transition,” the event draws more than 200 industry leaders, policymakers, regulators, and energy professionals committed to advancing practical strategies for sustainable and reliable Caribbean power systems through renewable energy and emerging technologies.

During her address, titled “The New Energy Era: Transforming Policy into Progress,” Minister Coleby-Davis reminded attendees that The Bahamas’ national motto, “Forward, Upward, Onward, Together,” aptly describes what the region’s energy transition demands.

“Empowering Progress speaks directly to our national motto. Not waiting for progress, but creating the conditions that allow progress to happen. Meaningful progress, however, does not occur by accident. It requires vision, sound policy, strategic planning, strong institutions, and the determination to turn decisions into results,” said Minister Coleby-Davis.

Participants acknowledged that small island developing states share similar pressures, compounded by geographical challenges, small electricity markets, ageing infrastructure, geopolitical influences, and the growing threat of severe weather.

Tasked with ushering in a new energy era across the islands while addressing the challenges posed by The Bahamas’ unique archipelagic composition, Minister Coleby-Davis said, “Every island needs a different answer, but the same logic. As an archipelagic nation, we must provide electricity across many islands, each with its own demand and infrastructure needs. Our strategy, therefore, must be national in direction, but responsive to individual communities.”

Restating her Ministry’s three core messages—that energy is an economic and security priority, technology must be viewed as a tool to support strong institutional leadership, and natural gas should be considered a bridge, not a destination—Minister Coleby-Davis reiterated that “progress must now be reflected in functioning infrastructure, effective institutions, and better electricity services: from policy commitments to coordinated implementation, and from fragmented investment decisions to long-term planning.”

Organised by CARILEC and co-hosted by Bahamas Power and Light (BPL) and Grand Bahama Power Company (GBPC), the annual Conference and Exhibition brings together the Caribbean energy community to advance practical solutions to the region’s most pressing energy challenges and accelerate progress towards more resilient, reliable, and sustainable power systems.

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Bahamas News

Monument Supports Hands for Hunger With Paradise Plates Debut  

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NASSAU, Bahamas — Caribbean Wines & Spirits (CWS), The Bahamas’ leading wine and spirits distributor, proudly supported Paradise Plates, Hands for Hunger annual fundraiser with a flavorful offering of its newest product, Monument Beverage Co.

Monument, which launched this July and is available across six major islands, made its Paradise Plates debut. Guests enjoyed three bold flavors: Peach Passion, Ginger-Lime and Melon Fizz as they socialized throughout the evening.

Monument brand ambassadors engaged guests with knowledge on the ready-to-drink beverage’s unique taste and look. Many attendees were delighted to learn that Monument is 100% Bahamian-made and owned and enjoyed seeing the various national landmarks on the packaging.

The booth was adorned with vibrant brand colors, striped arches, tropical florals and a photo worthy backdrop featuring Monument cans filled with florals cascading down the wall.

At the end of the event, the entire Monument inventory had finished, making Monument’s Paradise Plates debut a huge success.

For more details on Caribbean Wines & Spirits, new products and specials, visit www.cwsbahamas.com today.

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Bahamas News

Schweppes ‘the Art of Mixology’ Dazzles at Paradise Plates with Nemiroff Vodka

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NASSAU, Bahamas — Schweppes, in collaboration with Nemiroff Vodka dazzled guests with handcrafted cocktails during Paradise Plates, Hands for Hunger’s annual fundraiser held at Atlantis’ Imperial Ballroom.

The evenings’ theme, 70’s: Paradise Disco, inspired bold and delicious sips from Schweppes and Nemiroff.  The beautiful disco themed Schweppes booth, adorned with LED signs, lush greenery and hanging black and gold metallic orbs shined throughout the room.

Schweppes’ brand representatives and mixologists dressed in chic 70’s speakeasy attire engaged attendees throughout the night. Guests enjoyed receiving knowledge of each product and experiencing the vibrant energy of brand representatives.

Nemiroff Vodka, which is locally distributed by Caribbean Wines and Spirits (CWS), The Bahamas’ premier wines and spirits distributor; offered a unique variety of vodkas which made the perfect blend with Schweppes. Guests enjoyed, Nemiroff’s Honey Pepper, De Luxe, Burning Pear, Wild Cranberry, and Bold Orange vodkas throughout the night.

Fan favorite cocktails of the night were: the Wild Cranberry Tonic and the Bold Orange Fizz.

Following a positive response at Paradise Plates, CWS is offering Nemiroff and Schweppes specials at local liquor stores for the entire month. With the purchase of any 1-liter Nemiroff vodka, enjoy a complimentary three-pack of Schweppes mixers, to recreate the magic of Schweppes and Nemiroff.

Cara Douglas-Adderley, Senior Marketing Director for Caribbean Bottling (CBC), local producers and distributors of Coca-Cola and Dasani products and CWS shared the inspiration behind the Schweppes and Nemiroff promotion.

“We are thrilled to have paired Schweppes and Nemiroff for Paradise Plates this year, creating a premium cocktail experience for guests. After receiving such positive feedback, we wanted to extend that experience to consumers at home. Throughout October, consumers can visit their favorite watering hole, buy any 1-liter Nemiroff bottle and receive a free three-pack of Schweppes.”

Caribbean Bottling Company is proud to offer Schweppes, Coca-Cola’s premier mixer in collaboration with Caribbean Wines & Spirits and Nemiroff Vodka at Paradise Plates in support of Hands for Hunger’s mission.

For more information on CBC’s philanthropic work, new products and specials, visits www.cbcbahamas.com today.

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