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The state-owned company Petróleos Mexicanos (PEMEX) exported $500 million worth of oil to Cuba between January and September 2024, marking a significant increase compared to the previous year.
The figure was revealed in a report sent by PEMEX to the U.S. Securities and Exchange Commission and cited by the newspaper El Financiero.
During the mentioned period, PEMEX sent an average of 31,300 barrels of crude oil and 2,900 barrels of other petroleum products to the Island daily, a total volume that, compared to the 400 million dollars reported in 2023, marks a 25% increase.
This growth highlights Mexico's increasingly crucial role as a lifeline for the Cuban regime following the decline of shipments from Venezuela and amid the energy crisis that keeps much of the country in darkness daily.
Venezuela used to send around 53,000 barrels daily to the island, but since September 2023, shipments have been reduced to 25,000.
Mexican shipments, led by PEMEX through its subsidiary Gasolinas Bienestar, have increased to fill this gap.
"While the Russians have not fulfilled their promises to send oil to Cuba, and Venezuela has drastically cut its exports, Mexico has maintained a steady flow," explained Jorge Piñón, a senior researcher at the Energy Institute at the University of Texas.
According to the PEMEX report, Cuba has primarily received light Istmo crude oil, which is better suited for the island's refining capabilities, as the heavier Mexican Maya crude cannot be processed due to the technological limitations of Cuban refineries.
Despite the increasing support from Mexico, there are still doubts about how Cuba pays for these shipments. Although specific details regarding the payment terms have not been disclosed, many speculate that the transactions may involve some form of barter, possibly linked to the Cuban doctors sent to Mexico as part of cooperation agreements in the health sector.
President Claudia Sheinbaum stated at the beginning of her term that Mexico would provide fuel to Cuba "for humanitarian reasons." Last year, in response to threats of sanctions or the withdrawal of a multimillion-dollar loan by the United States, PEMEX denied that the supply of oil to Cuba in 2023, which amounted to $200 million according to the University of Texas Energy Institute, was a donation.
Frequently Asked Questions about Mexico's Oil Exports to Cuba
How much oil has Mexico exported to Cuba in 2024?
Mexico has exported oil to Cuba worth 500 million dollars between January and September 2024, representing a 25% increase compared to the previous year.
Why has Mexico increased its oil exports to Cuba?
Mexico has increased its oil exports to Cuba to compensate for the reduction in shipments from Venezuela and to address the energy crisis on the island. President Claudia Sheinbaum has stated that this supply is provided for humanitarian reasons, in response to the power outages affecting the Cuban population.
What type of oil does Mexico send to Cuba?
Mexico primarily exports light Istmo oil to Cuba, which is suitable for the island's refining capabilities, as this type of crude can be processed more easily in Cuban refineries compared to the heavier Maya crude.
How does Cuba pay for the oil it receives from Mexico?
Although precise details about the payment conditions for the oil received from Mexico have not been disclosed, it is speculated that Cuba may be utilizing some form of barter, possibly linked to the Cuban doctors sent to Mexico as part of health cooperation agreements.
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