Petróleos Mexicanos (Pemex) assured that sales of crude oil and petroleum products to Cuba account for "very, very little" within its operations and specified that, last year, the total amount sold to the Island was 496 million dollars, under a single commercial contract in effect since 2023.
The statement was made by the director of Pemex during a speech at the morning conference (“Mañanera”), where he emphasized that with Cuba there is “only… one contract” signed in 2023, described as a “normal commercial contract” similar to those the company has with other countries.
According to the official, in terms of volume, sales to Cuba last year amounted to less than 1% of Pemex's crude oil production; and in terms of fuel sales, to 0.1% of the company's sales.
That’s why he insisted that it is a marginal exchange: “it’s very, very little.”
The director added that the shipments are made “for humanitarian reasons” —as the president had pointed out—, but also “for commercial reasons,” and explained that the agreement is open: Cuba requests shipments “based on its needs” and Pemex responds “based on [its] availability.”
During the same conversation, the official responded to questions regarding figures disseminated in the media and references to information declared to regulators in the United States.
He acknowledged that Pemex reports data to the U.S. Securities and Exchange Commission (referred to as "SEC" in the exchange) and stated that the "official" amounts are public, while the press often circulates "estimates" and "speculations."
In breaking down the figures, the executive stated that the amount of 496 million dollars corresponds to the total sold last year in crude oil and petroleum products.
Regarding previous years, he stated that the behavior has been similar: “of the same order,” with no significant increases or decreases, because —as he emphasized— the contract “is very stable.” As a reference, he mentioned that in 2023 it was 367 million dollars.
One of the central points of the positioning was payment. In response to rumors that Cuba had not paid for shipments, the director of Pemex stated: "of course we receive payment" and confirmed that there are no overdue invoices according to the contract.
He insisted that Cuba has paid "absolutely all the amounts" and described the counterpart as "very formal" in their payments.
The executive also framed these sales within the context of Mexico's energy policy in recent years: he stated that Pemex has been reducing crude oil exports because the government's strategy prioritizes domestic consumption and processing in national refineries (and at Deer Park), which—he argued—increases added value.
In that context, he explained that export contracts are being reduced due to the high level of processing and a more limited export margin.
In January 2026, the Mexican president Claudia Sheinbaum raised concerns about the Mexican state's ability to sustain those shipments in the long term.
The company is facing production delays and internal financial tensions, while specialists warned that every barrel sent to Cuba represented a high opportunity cost in comparison to the needs of the domestic market.
Despite this, Sheinbaum's government reiterated that the shipments were a "humanitarian" aid, although analysts pointed out that Cuba was not fulfilling its payments and that the current trade arrangement could turn into a bad debt.
The debate about the scope and sustainability of the energy cooperation between Mexico and Cuba remains open, marked by the energy crisis the island is experiencing, the diplomatic pressure from the United States, and the economic challenges facing the Mexican oil company Pemex.
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