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Tanker Loaded With 400,000 Barrels Of Oil Rushes From Mexico To Cuba Amid Power Crisis
A tanker loaded with around 400,000 barrels of oil departed Mexico’s Pajaritos port on October 28, 2024, en route to Cuba, where severe energy shortages have thrown the island into darkness and disrupted daily life, per shipping data.
The Cuba-flagged tanker Vilma, which has been dedicated to the Mexico-Cuba oil routes this year, is expected to arrive later this week, as per data from financial firm LSEG.
Cuba, which has been experiencing power outages since a recent hurricane damaged its already fragile power grid, was forced to close schools and send non-essential workers home last week to conserve energy.
In September, Mexico delivered oil to a port near Cuba’s Cienfuegos refinery to help stabilize fuel supplies.
Mexico supplied Cuba with about 20,000 barrels per day (bpd) of Olmeca crude between January and September, with the majority coming at the Cienfuegos port, according to LSEG data.
The total volume of Mexican oil exports to Cuba in 2023 was expected to be 16,000 barrels daily.
Shipments were managed by Pemex subsidiaries, which used peso-denominated contracts and sold the oil at market prices, according to a business report to the United States Securities and Exchange Commission.
Meanwhile, Pemex has not responded to requests for further details.
The Cuban government, represented by Ambassador Marcos Rodriguez, claimed that the country had lost over $5 billion in the past year due to the U.S. embargo and blamed this “cruel policy” for some of the energy shortages.
Rodriguez confirmed that Cuba is in talks with Mexico, Venezuela, and Colombia about extra aid but declined to comment on any specific oil shipments from Mexico.
Mexico’s commitment to support Cuba began under former President Andres Manuel Lopez Obrador, who fought for a positive approach toward the island, which current President Claudia Sheinbaum is likely to maintain.
Venezuela’s oil deliveries to Cuba, which were previously as high as 60,000 barrels per day, have decreased to 32,600 barrels per day in the first nine months of this year, according to vessel tracking data.
Hurricane Oscar recently damaged Cuba’s energy infrastructure, further complicating efforts to stabilize it. Despite successfully restoring basic electrical services, Cuban authorities warned residents that power outages would likely continue due to the country’s outdated infrastructure and declining oil shipments from Russia and Venezuela.
Reference: Reuters
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