The Mexican state oil company Pemex
According to the agency Reuters, the subsidiary Gasolinas de Bienestar exported last year to the island 20,100 barrels per day (bpd) of crude oil and 2,700 bpd of petroleum products, operations valued at 600 million dollars, according to reports submitted by Pemex to the U.S. Securities and Exchange Commission (SEC).
In 2023, shipments had started in July, totaling 16,800 bpd of crude oil and 3,300 bpd of refined products, amounting to 400 million dollars.
Despite being one of the most indebted oil companies in the world, with financial commitments exceeding 101 billion dollars and debts to suppliers nearing 20 billion, Pemex maintains that sales to Cuba accounted for 2.8% of its total crude oil exports and 0.7% of its derivative products.
The Mexican company indicated in its report that the sales of Bienestar Gasoline are conducted "via contracts denominated in pesos at the current market rates," and assured that it has procedures in place to ensure compliance with applicable legislation, emphasized Reuters.
However, the agency recalled that in the past several sources described these shipments as donations.
Pemex, for its part, classifies them as sales, without detailing how payments are made or whether there is any special treatment.
However, in 2024 Mexico announced that it would increase the number of contracted Cuban doctors to 3,800 to work in its territory, as part of a program initiated during the administration of Andrés Manuel López Obrador, which continues under the current government, a fact that coincidentally aligns with the increase in oil shipments.
So far, the Mexican oil company has not responded to inquiries regarding the continuation of these exports in 2025 or their possible conditions.
The losses of Pemex from its shipments to Cuba
In February, an investigation by the portal Against Corruption revealed that Pemex has accumulated a debt exceeding 300 million dollars due to oil shipments to Cuba over the past two years.
These operations have been managed through its subsidiary Gasolinas Bienestar SA de CV, established in 2022 to exclusively handle this type of export.
In its first year of operation, Gasolinas Bienestar recorded losses and a debt of 5.836 billion Mexican pesos, according to official documents from the Ministry of Economy.
Between July 2023 and September 2024, this subsidiary exported crude oil and derivatives to Cuba worth over 15.6 billion pesos, without managing to reverse its deficit financial situation.
Between January and September 2024, the subsidiary exported an average of 31,300 barrels of crude oil per day and 2,900 barrels of refined products, with an estimated value of 500 million dollars based on the exchange rate during that period.
Despite this volume, which represented an 86% increase compared to the previous year, the company ended the year with minimal equity and accumulated debt that threatens Pemex's stability.
The report also indicates that exports to Cuba, although formalized under contract with Pemex Exploración y Producción, were initially intended for Central American markets.
However, in practice, they were redirected to the island, raising questions about their legitimacy and jeopardizing an $800 million credit with the United States due to the alleged free delivery of oil to the Cuban regime.
Despite the growing criticisms and financial risks, the Mexican government has supported the continuation of these shipments under the presidency of Claudia Sheinbaum.
Additionally, the National Institute of Transparency (INAI) ordered Pemex to disclose detailed information about the amounts, conditions, and individuals responsible for these operations, in an effort to clarify the actual extent of energy support to Havana.
The resolution, unanimously adopted on January 15, 2025, requires the state oil company to provide details on the amount of fuel shipped, its market value, shipping and receiving dates, names and positions of those responsible, significant commercial conditions, and the corresponding budget allocation.
To highlight Cuba's dependence on Mexico, it is sufficient to note that in 2023, oil shipments from the northern nation surpassed those from Russia, making it the main crude oil supplier to the island that year.
Frequently Asked Questions about Mexico's Oil Exports to Cuba
How much oil did Mexico export to Cuba in 2024 and what was its value?
Mexico exported oil to Cuba valued at 500 million dollars between January and September 2024, averaging 31,300 barrels per day of crude oil and 2,900 barrels per day of other petroleum products.
Why does Pemex increase oil shipments to Cuba?
Pemex has increased its oil exports to Cuba to compensate for the reduction of shipments from Venezuela, and to respond to the energy crisis affecting the island, in the context of massive blackouts and constant power outages.
How does the energy crisis in Cuba affect its population?
The energy crisis in Cuba has led to massive blackouts, which severely affect the daily activities of the population, causing a growing social discontent. This situation is attributed to the scarcity of fuel and logistical issues in energy distribution.
How does Cuba pay for the oil it receives from Mexico?
Although specific details regarding the payment conditions for the oil received from Mexico have not been revealed, there is speculation that Cuba could be using some form of barter, possibly related to the Cuban doctors sent to Mexico as part of health cooperation agreements.
What challenges does Pemex face regarding oil shipments to Cuba?
Pemex faces a debt of over 300 million dollars due to oil shipments to Cuba, which has increased its level of indebtedness. Furthermore, the operations have resulted in net losses for its subsidiary, exacerbating the financial situation of the state-owned company.
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